TD Cowen lowered the firm’s price target on Verizon (VZ) to $51 from $56 and keeps a Buy rating on the shares. The firm said Q3 results were better than feared as the new CEO dismissed the notion that the company is fundamentally flawed but instead has the assets to actually thrive, suggesting the company was mismanaged, thus the dividend is safe and no need to be destructive. The outlook is encouraging but vague.
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