Commenting on Verizon’s (VZ) announcement of changes to its reporting structure that will take place beginning in Q1, KeyBanc says it sees the company’s updated disclosures as practically useless for modeling purposes. KeyBanc finds the biggest issue to be the lack of transparency in disclosure and lack of comparability to understand how the turnaround is progressing. The firm thinks Verizon has “certainly ‘cherry-picked’ a few good metrics while the company is hiding the bad metrics.” Overall, KeyBanc sees this as a negative for Verizon and an investor-unfriendly move.
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