Morgan Stanley analyst Benjamin Swinburne lowered the firm’s price target on Verizon (VZ) to $47 from $48 and keeps an Equal Weight rating on the shares. The U.S. wireless industry remains consolidated, supporting “a healthy growth environment” for Overweight rated T-Mobile (TMUS) and AT&T (T), with the latter’s fiber expansion an additional benefit, the analyst tells investors as part of a telecom and cable services look ahead note on 2026. The firm is lowering estimates for Equal Weight rated Verizon to reflect a more market share focused go-to-market in 2026 and trimming price targets for the other two of the “big three” to reflect this reality as well.
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