Verizon (VZ) Stock Retreats, Cowen: Q3 Results Show Vulnerability
NEW YORK (TheStreet) -- Shares of Verizon (VZ) were declining in mid-morning trading on Friday as Cowen said the telecommunications company's "lackluster" 2016 third-quarter results demonstrate its vulnerability to competitors like Sprint (S) and T-Mobile (TMUS).
The firm cut its price target to $50 from $52 and maintained its "market perform" rating on shares of Verizon, Barron's reports.
Before yesterday's opening bell, New York City-based Verizon reported revenue of $30.9 billion, below analysts' expected $31.1 billion. Earnings came in at $1.01 per diluted share...