Goldman Sachs analysts initiated coverage on Verizon Communications (NYSE:VZ) with a Buy rating and a price target of $50 on the stock.
The analysts believe that Verizon is starting to regain momentum in its core wireless business. They anticipate significant benefits for the company from fixed wireless services in both its consumer and business segments. The analysts suggest that Verizon’s stock could become more attractive to a broader group of investors as the company is positioned to sustain revenue and EBITDA growth. Additionally, as Verizon reduces its leverage, there is potential for capital returns and stock buybacks, which should enhance its valuation multiple.