Strike To Slow Verizon Wireless Spending, Says Evercore ISI
The Verizon strike could reduce the carrier’s wireless spending this year, Evercore ISI analysts said Tuesday. “Our most recent channel checks indicate a growing concern that the strike from VZ’s wireline unions -- which is drawing away resources from even…
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the company’s wireless operations -- may also be impacting the pace at which the nation’s largest carrier is able to deploy capital,” Evercore said in a note to investors on the company, which trades under the VZ stock symbol. “Coupled with an already muted carrier spending environment, this may add some additional headwinds to near-term tower sector growth -- leaving us still cautious on the group (though, longer-term, we remain bullish). … While VZ’s spending slowdown might not be felt immediately, it could impact tower [revenue] for the remainder of the year.” The strike at Verizon's landline operations of about 40,000 union workers has lasted almost a month (see 1605050047).