Verizon Communications Inc
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Communication Services : Diversified Telecommunication Services | Large Cap Value
Company profile

Verizon Communications Inc. is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its reportable segments are Verizon Consumer Group and Verizon Business Group. Its Consumer segment provides wireless and wireline communications services. Its wireless services are provided across wireless networks in the United States under the Verizon Wireless brand. Its wireline services are provided in nine states in the Mid-Atlantic and Northeastern United States, over its 100% fiber-optic network under the Fios brand and via traditional copper-based network. Its Business segment provides wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services, local and long-distance voice services and network access to deliver various Internet of Things (IoT) services and products.

Postmarket

Last Trade
Delayed
$57.87
-0.09 (-0.16%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$57.96
Day's Change
0.63 (1.10%)
Bid
--
Ask
--
B/A Size
--
Day's High
57.97
Day's Low
57.46
Volume
(Light)
Volume:
12,879,294

10-day average volume:
16,468,340
12,879,294

Zoom Video stock rises toward a record after Wall Street gets more bullish

12:22 pm ET October 15, 2020 (MarketWatch)
Print

Tomi Kilgore

At least 9 analysts surveyed by FactSet raised their price targets after 'Zoomtopia' user conference

Shares of Zoom Video Communications Inc. surged to a record Thursday, as the videoconferencing company's annual Zoomtopia event led a stampede of analysts to raise their price targets.

The stock (ZM) rose 5.3% midday to trade well above Tuesday's record close of $518.79. The intraday high of $536.85 topped the previous all-time intraday high of $529.74 reached on Sept. 23.

Zoom Video, which has flourished during the COVID-19 pandemic, has seen its stock more than double (up 109%) over the past three months and skyrocket nearly eightfold (up 688%) year to date. In comparison, the S&P 500 index has edged up a little more than 7% this year.

No less than 9 of the 32 analysts surveyed by FactSet raised their price targets after Zoomtopia.

Don't miss: Zoom Video adds online events, apps to service (https://www.marketwatch.com/story/zoom-video-adds-online-events-apps-to-service-11602633013).

BofA Securities analyst Nikolay Beliov reiterated the buy rating while lifting the price target to $570 from $475, saying he walked away from Zoomtopia "incrementally even more positive on Zoom's position as a key digital transformation enabler."

Beliov said the company appears to be in the "very early innings" of monetizing the largest Global 2,000 companies, and is making "significant progress" on its Zoom Phone (https://zoom.us/phonesystem) offering.

"We believe Zoom's increasing relevance and continued good execution translate into both near-term and long-term upside ," Beliov wrote in a note to clients. "Furthermore, new product releases and enhanced capabilities signal Zoom's ambition to become a more holistic collaboration and workflow platform, vs a video and [unified communications as a service] solution," Beliov added.

D.A. Davidson's Rishi Jaluria kept the rating at buy while raising the price target to $600 from $460, saying the highlight of Zoomtopia was understanding the room the company had to grow in the Global 2,000.

"Our main takeaway was although [Zoom] has had strong traction in COVID-19, it is still underpenetrated and faces a massive market opportunity with runway for sustained growth post-COVID-19," Jaluria wrote.

The average price target of analysts surveyed by FactSet increased to $486.56 from $434.98 at the end of September. The current target is 9.3% below current levels, with half the analysts surveyed rating the stock the equivalent of buy, 14 analysts are at neutral and 2 analysts recommend selling.

Analyst Tom Roderick at Stifel Nicolaus increased the stock's target to $400, which is about 25% below current levels, from $350. He reiterated the hold rating he's had on the stock since May 2019, which was about a month after Zoom Video went public (https://www.marketwatch.com/story/zoom-video-ipo-5-things-to-know-about-the-videoconferencing-company-2019-04-12), he was still upbeat on the company's prospects.

"We are conscious of the stock's egregiously high multiple but there's no reason to suspect that momentum is slowing here," Roderick wrote.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 15, 2020 12:22 ET (16:22 GMT)

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