Investment bank UBS on Wednesday downgraded Verizon Communications Inc from buy to neutral.
The firm also cut Verizon’s 2009 earnings per share forecast by 10 cents because of comments made at last week’s investor conference.
“We believe that the business market continues to worsen and is unlikely to improve until 2010,” MarketWatch quoted UBS as saying. “We also expect a slowdown in consumer metrics in the third quarter.”
UBS said it doesn’t expect wireless ARPU to grow in the third quarter, which contributed to its downgrade.