Verizon

Barclays analyst Kannan Venkateshwar upgrades Verizon Communications (NYSE:VZ) from Equal-Weight to Overweight and raises the price target from $37 to $38.

Verizon reports strong 3Q results momentum, raises free cash flow guidance Company ended the quarter with approximately 10.3 million broadband subscribers, an increase of nearly 21 percent year over year Year-to-date cash flow from operations increased approximately $600 million year over year, and year-to-date free cash flow(1) increased $2.2 billion year over year 3Q 2023 highlights Consolidated: — $1.13 in EPS, compared with $1.17 in third-quarter 2022; adjusted EPS1, excluding special items, of $1.22, compared with $1.32 in third-quarter 2022. — Total operating revenue of $33.3 billion, a decrease of 2.6 percent from third-quarter 2022. — Year-to-date cash flow from operations of $28.8 billion, an increase from $28.2 billion in 2022. — Free cash flow1 year-to-date was $14.6 billion, an increase from $12.4 billion in 2022. — Net income of $4.9 billion, a decrease of 2.8 percent from third-quarter 2022, and consolidated adjusted EBITDA1 of $12.2 billion, up 0.2 percent

Verizon Communications Q3 Adj EPS $1.22 Beats $1.11 Estimate, Sales $33.30B Beat $31.36B Estimate.

Verizon Sees 2023 Total Wireless Service Rev Growth of 2.5%-4.5%.