Verizon Communications (NYSE:VZ) shares were on track to snap their six-day rally on Monday, noting their first decline since Dec. 27, 2023.
The telecommunications company inched 0.10% lower to $40.18 by 1327 ET. Over the six days of the advances, the stock gained 7.75%.
Last week, the company saw upgrades from KeyBanc Capital Markets and Wolfe Research, which cited the low competitive environment in the wireless industry and improving subscriber growth.
Earlier in the day, according to Barron’s, the stock’s adjusted EBITDA growth is projected to be 2% in 2024, compared to zero in 2023, “the second-fastest rate since 2018.”
At its current levels, VZ is hovering near its highest level since early 2023. Over a 12-month period, the stock is down 2.86%.
Looking at Seeking Alpha’s Quant ratings, Verizon had a Hold rating with a score of 3.48 out of 5. The company was graded an A+ for profitability and a B+ on momentum.
Turning to the Wall Street community, about 14 sell-side analysts surveyed in the last 90 days rated WM as a Buy or higher, while another 12 recommended the company as a Hold. One analyst carried a Sell rating on the stock.
Seeking Alpha analysts generally saw the stock as a Buy. SA Analyst The Dividend Collectuh said, “Verizon has shown strong growth in its post-paid phone and broadband segments, adding subscribers for multiple consecutive quarters,” along with a Buy endorsement.
“With rates expected to decline this year, I think this will benefit Verizon as consumer confidence becomes more favorable for the stock,” the analyst added.