Investors should buy Verizon shares after its drop this year due to tax reform and its attractive valuation, according to one Wall Street firm.
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MoffettNathanson raised its rating to buy from neutral for Verizon shares, citing the company’s low valuation.
“We believe that the stock has sold off enough, and that on balance, the rewards of tax reform outweigh the risks of a challenging secular environment,” analyst Craig Moffett wrote in a note to clients Wednesday. “With the stock now trading at $48 per share, it is simply too cheap, in our view.”