Verizon stock falls after MoffettNathanson downgrade
Shares of Verizon Communications Inc. VZ, -0.69% are down 1.3% in premarket trading Tuesday after MoffettNathanson analyst Craig Moffett downgraded the stock to neutral from buy. Moffett wrote that while Verizon was seen as the biggest beneficiary of wireless-industry consolidation after Sprint Corp. S, -0.33% and T-Mobile US TMUS, +0.05% announced their intent to merge, the industry has actually improved even without the merger. "A three player market, it was thought, would be the cure for a seemingly endless price war," he wrote. "Well, don’t look now, but the wireless price war that began in 2014 appears to be over. Virtually every important metric in wireless has taken a turn for the better." Moffett thinks it "may already be too late" for stock-market investors to benefit from market repair, especially in the case of Verizon. The stock is up 13% over the past 12 months, while the Dow Jones Industrial Average DJIA, -0.09% has gained 18%.
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