In addition, the earnings highlighted flat revenues of $33.8 billion, flat growth year-on-year (YoY), while earnings per share (EPS) were $1.31, missing expectations by $0.01. Furthermore, Becky Quick analyzed the earnings on CNBC’s Squawk Box, underlining that there seems to be little to no growth for Verizon in the near future.
VZ chart and analysis
VZ shares are currently making a new 52-week low, with the short-term trend looking very negative, as the previous support lines have been broken. Further, the support line is now at $43.17, while the resistance has been moved to $45.89. What’s more, trading volumes are considerably up compared to the previous sessions, with the stock now down 15.24% year-to-date (YTD). Analysts rate the shares a ‘hold’, predicting that the price shares will change hands in 12 months will reach $55.08, 23.91% higher than the current trading price of $44.45. Verizon’s earnings followed another telecom firm, which had sub-par earnings, namely AT&T (NYSE: T), which released its report on July 21. These two names in tandem dragged down the telecom sector, usually touted for its defensive characteristics. Despite the miss by these two telecom giants, Citi Groupe (NYSE: C) analysts remain upbeat about the sector, expecting solid growth. Nevertheless, investors looking to get into the telecom space, particularly with Verizon, would be prudent to wait a bit longer for the prices to settle before deciding to jump in, as more volatility could be in store for VZ shares. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
