Verizon’s Target, Estimates Cut at Auriga (VZ)

in dividend earnings Gold Gold Bullion prices shares by admin — July 6, 2010 5:54 am | no comments

Telecom giant Verizon Communications Inc. ( VZ ) saw its price target and earnings estimates cut on Tuesday by analysts at Auriga. The firm reiterated its “Hold” rating on VZ, but lowered its price target on the stock from $31 to $29. That new target would represent just an 8% upside to VZ’s Friday closing price of $26.81. Auriga also lowered its second quarter 2010 EPS estimate $0.60 to $0.56, full-year 2010 EPS estimate from $2.42 to $2.28, and full-year 2011 EPS estimate from $2.57 to $2.33. Auriga cited VZ’s recent completion of the spinout of its Frontier assets for the downgrades. Verizon shares rose 25 cents, or +0.9%, in premarket trading Tuesday. The Bottom Line We have been recommending shares of VZ since Oct.10, 2008, when the stock was trading at $25.93. The company has a 7.09% dividend yield, based on Friday’s closing stock price of $25.93. Verizon Communications Inc. ( VZ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .