Verizon resumed with an Equal Weight at Morgan Stanley

Morgan Stanley resumed coverage of Verizon (VZ) with an Equal Weight rating and $47 price target Morgan Stanley has balanced view of Verizon’s “attractive” valuation and upside to free cash flow from bonus depreciation against a modest EBITDA growth outlook and risk to consumer wireless net adds expectations, the analyst tells investors in a research note. The firm could get more bullish if wireless churn improves and fiber expansion accelerates.