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Analyst cuts Verizon on unsustainable stock performance

Analyst Jennifer Fritzsche of Wells Fargo downgraded Verizon Communications Inc. to "market perform" from "outperform" stating that the stock's outperformance ever since the 2016 U.S. election is unsustainable given opposition to growth in 2017.

Fritzsche added that the consensus revenue estimates for 2017 do not fully take into account the intensity of increased competition from rivals T-Mobile US Inc. and Sprint Corp. Further, the analyst opines that the uncertainty of whether Verizon will procure more spectrum through an acquisition may also have an effect on company stock.

Fritzsche lowered the price target on Verizon shares to $53 to $55 from $56 to $58.