Moffett More Bullish on Wireless Industry, Especially Verizon
Craig Moffett, analyst at MoffettNathanson, said Tuesday in a note to investors that he is upgrading Verizon to a buy, while upgrading the sector as a whole to overweight. Moffett set a price target of $54. Verizon shares closed at…
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$47.60 Tuesday during regular trading. Moffett noted that his firm has been bearish on the sector since MoffettNathanson launched in 2013. “Our principal concern has been wireless pricing,” he said. “As we have often reminded investors, in a fixed cost business like wireless, pricing is everything. It was with pricing in mind that we turned from a negative to a neutral sector stance four months ago. … And it is again with pricing in mind that we are now moving to an overweight.” Moffett lists Verizon as his preferred stock as sector recovery begins.