VZ (Neutral, TP: $45, Total Return +23%) Model Update
When we published our “Thoughts Following the Call” note earlier (here), we hadn’t checked in with the Company on some of our questions. Two areas where management had a different view than our early read include Broadband adds and Postpaid phone adds. We expand on these in more detail in this note. No change to thesis. Consensus EBITDA is headed higher. Neutral: $45 (+23%).Verizon Communications is a holding company. Through its subsidiaries, the company provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The company has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The company's Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. The company's Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services.
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