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Analysts downgrade Verizon on valuation

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Analysts downgrade Verizon on valuation

Jefferies and Bernstein downgraded their ratings on , accordingto separate April 7 reports by TheFly.com.

Jefferies analyst Mike McCormack lowered Verizon to "hold"from "buy," citing a lack of near-term catalysts to drive upside to estimatesand the stock's valuation. The analyst, however, maintained the $53 price targeton the company's shares.

Bernstein, meanwhile, downgraded Verizon to "market perform"from "outperform" on valuation. The price target on the company's shareswas lowered to $55 from $54.