Why Investors Hung Up on Verizon Today
On a generally down Tuesday for the stock market, Verizon Communications' (NYSE: VZ) shares did worse than those of many other companies. The telecom giant saw its stock price erode by nearly 2.5%, amid a general slump in tech stocks and related titles, combined with a discouraging price cut from a prominent bank.
Before market open, analyst Bryan Craft of Deutsche Bank enacted a 10% cut to his level on Verizon stock. He now feels it is worth $45 per share, down from his previous estimation of $50. This doesn't change his recommendation on the company, however, which remains a hold.
The reasoning behind Craft's move wasn't immediately apparent.
Source Fool.com
