Verizon Stock Takes a Hit: Analyst Downgrade and CEO Shake-Up Rattle Investors
Analyst Downgrade and Stock Reaction Verizon’s stock sold off on Oct. 21 after BNP Paribas Exane analyst Sam McHugh downgraded the shares to Neutral and cut his target to $44 tipranks.com. “The recent CEO change at Verizon has raised questions about strategy and how aggressively [the company] will be willing to defend share,” he wrote tipranks.com. This follows broader investor caution after Dan Schulman replaced long-time CEO Hans Vestberg on Oct. 6. (Reuters noted that Verizon was already “battling rising competition” amid slowing subscriber growth reuters.com, causing the stock to tumble about 3% on the day of Schulman’s appointment reuters.com.)