Why Verizon Stock Sank Today
(NYSE: VZ) stock lost ground in Tuesday's trading. The telecom giant's share price ended the daily session down 6.6%, and had been off as much as 8.4% earlier in trading.
Verizon stock moved lower today following cautious guidance from the company. Management expects that subscriber growth will be pressured in the near term, and investors sold shares in response.
Competition for new wireless subscribers continues to be intense, and Verizon says that the dynamic will likely lead to soft subscriber growth this quarter. Speaking at the Deutsche Bank Media, Internet Telecom Conference, Verizon chief revenue officer Frank Boulben said that Verizon had cut back on aggressive promotional campaigns from the fourth quarter -- but other players in the space had continued to aggressively pursue subscriber additions.
Source Fool.com
Verizon Communications Inc. Stock
Verizon Communications Inc. is currently one of the favorites of our community with 12 Buy predictions and no Sell predictions.
With a target price of 43 € there is a slightly positive potential of 11.64% for Verizon Communications Inc. compared to the current price of 38.52 €.
