Why Verizon Stock Fell Today
Shares of Verizon (NYSE: VZ) declined by 3.1% on Monday after analysts at Goldman Sachs downgraded the popular telecom stock.
Goldman analyst Brett Feldman cut his rating on Verizon from buy to neutral and slashed his share-price forecast from $61 to $55. The downgrade came after Verizon said on Friday it lost 36,000 postpaid phone connections in the first quarter. That decline, combined with AT&T's (NYSE: T) 691,000 net postpaid phone additions during the quarter, sparked concerns among investors that Verizon was ceding ground to its rival in this key customer segment.
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Source Fool.com
