The telecommunications sector is ripe with competition, with products and services becoming increasingly commoditized. As a result, major players in the space are forced to compete on price -- a dynamic that can impact a company's bottom line.

But amid the competitive landscape, one company in the industry looks potentially undervalued. Verizon Communications (NYSE: VZ) may not be a company that is synonymous with monster growth, but its combination of strong cash flow and a high dividend yield could make it attractive for passive income investors.

Let's dig into Verizon's business and assess why 2024 could be a great time to open a position.

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Source Fool.com