Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

In this article, we will discuss the 10 stocks whose price targets were recently raised by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets.

05. Verizon Communications Inc. (NYSE:VZ)

Upside Potential: 15%

As of January 16, financial institution Citi has revised its evaluation of Verizon Communications Inc. (NYSE:VZ), a key player in the telecommunications industry. Citi has upgraded its rating on Verizon from Hold to Buy and concurrently raised the price target from $42 to $45, reflecting a substantial upside potential of 15% in compariosn to its current market price. The decision to bestow a Buy rating on Verizon Communications Inc. (NYSE:VZ) implies Citi’s strong endorsement of the stock as an attractive investment opportunity. This positive shift in the rating suggests that Citi anticipates Verizon Communications Inc. (NYSE:VZ) to outperform its industry peers, signaling confidence in the company’s growth prospects, strategic initiatives, or other favorable factors within the telecommunications sector. The adjusted price target of $45 emphasizes Citi’s optimistic outlook on Verizon Communications Inc. (NYSE:VZ) future market performance. This upward revision indicates Citi’s belief in the potential for significant appreciation in the stock’s value, providing investors with a clear signal to consider Verizon Communications Inc. (NYSE:VZ) as a compelling investment within the telecommunications landscape.

Ariel Global Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q3 2023 investor letter:

“By comparison, global communications and technology leader, Verizon Communications Inc. (NYSE:VZ), continued to weigh on performance following an article in the Wall Street Journal outlining concerns on lead cable lines posing a significant public health threat. Although the lead covered cable lines remain an overhang on shares, we find Verizon’s valuation to be compelling. The company delivered a solid earnings report, with subscriber and financial metrics in-line or ahead of consensus. Management also reiterated full year guidance and noted it may exceed its outlook for free-cash-flow. From a competitive and financial standpoint, we view Verizon to be among one of the best positioned telecoms in the world. Looking forward, we expect free cash flow to grow significantly in the years ahead as the company moves past the secular peak in 5G capital spending.”