Morgan Stanley raised the firm’s price target on Verizon (VZ) to $49 from $47 and keeps an Equal Weight rating on the shares. The company’s “much-anticipated” updated outlook “struck a balance between a more aggressive promotional posture in the market with financial discipline,” says the analyst, whose pro forma adjusted EBITDA estimates are largely unchanged. However, the firm’s free cash flow forecast moves up on lower capital spending, the analyst added.
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