Downgrade Alert for Verizon Communications (VZ)
Verizon Communications (NYSE:VZ) was downgraded from Outperform to Perform at Oppenheimer today. The stock closed yesterday at $55.62 on volume of 12.0 million shares, below average daily volume of 13.9 million.
Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.
In the past 52 weeks, shares of Verizon Communications have traded between a low of $38.06 and a high of $56.95 and closed yesterday at $55.62, which is 46% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
Verizon Communications (NYSE:VZ) is currently priced 9.4% above its average consensus analyst price target of $50.42. The stock should find initial support at its 50-day moving average (MA) of $52.17 and further support at its 200-day MA of $47.71.
SmarTrend recommended that subscribers consider buying shares of Verizon Communications on June 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $52.28. Since that recommendation, shares of Verizon Communications have risen 6.6%. We continue to monitor VZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Verizon Communications