Verizon Communications Inc

VZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$78.00	Fvdpb	Kwrhdqwl

Verizon Earnings: Cash Flow Looks a Touch Weak Despite Solid Wireless Growth

Michael Hodel

Jul 22, 2024

Verizon shares are trading sharply lower on earnings for the second consecutive quarter despite results generally in line with our forecast and management reiterating 2024 expectations. We suspect investors are focused on messy wireless customer numbers, a potential wave of costly phone upgrades later this year, and the pacing of free cash flow. We don’t believe these issues are cause for concern, but we’ve made a handful of small adjustments to our forecast, reducing our fair value estimate to $53 from $54.

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