Verizon Stock Takes a Hit: Analyst Downgrade and CEO Shake-Up Rattle Investors
BNP Paribas Exane downgraded Verizon to “Neutral” and cut its price target to $44 on Oct. 21, citing uncertainty after the CEO change. Verizon shares fell as much as 3%, touching $40.13 midday and hovering near multi-week lows. The stock yields about 6.8% on a $0.69 dividend. New CEO Dan Schulman took over Oct. 6, pledging to beat market expectations amid stiff competition.