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Verizon (VZ) Stock Falls as Jefferies Cuts to 'Hold'

NEW YORK (TheStreet) -- Verizon Communications (VZ - Get Report) stock is declining by 1.44% to $52.74 in pre-market trading on Thursday, after receiving a rating downgrade to "hold" from "buy" at Jefferies earlier today.

The firm maintained its $53 price target on the stock.

The telecommunications provider is "well positioned in the industry long-term," but lacks near-term catalysts to provide upside to the firm's estimates or its view on valuation, Jefferies wrote in a note.

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