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Verizon is trading $47.31 and the share price is down 7% since the company reported its second-quarter numbers in July. Its revenue and EPS exceeded analysts’ estimates, coming in at $31.48 billion and $0.91 respectively. Sales increased by 4.7% in the second quarter of the financial year, which was partially aided by an increase in customer monthly bills of 4.7%.
Verizon is retaining its existing customer base by allowing service plans to be paid over a 20-month period. This is a useful tactic especially as there is increasing competition in the wireless business.
Verizon Communications purchased Vodafone’s 45% stake in Verizon Wireless in February. There is a sense that Vodafone sold off the goose that laid the golden egg, which leaves Verizon in a strong position.
Equity analysts are very bullish on telecommunications company. Out of the 40 ratings 27 are buys, 12 are holds and only one is a sell.
The share price has found support at $46 and a move below it could put $43.66 in sight. If the figures exceed estimates it could target $50.