Cloud computing is apparently benefiting one of the nations most powerful telecommunications companies, prompting a financial services firm to raise its stock rating on Verizon Communications.
Oppenheimer has upgraded Verizon from perform” to an outperform,” according to the International Business Times.
Prominently, the industry is seeing solid growth from Cloud Computing, which should benefit Verizon as well given its modern mobile/wireline broadband networks,” Oppenheimer analyst Timothy Horan wrote to clients in a note.
Horan said Verizon is in a great position to outperform over the next 12 to 18 months.
Shares of Verizon (VZ) were trading this afternoon at $35.87 on the New York Stock Exchange.
Over the last 52 weeks, the price of the stock has ranged from a low of $25.99 (July 7, 2010) to a high of $38.95 (March 30, 2011).
Zachs Investment Research notes that 10 analysts rate a strong buy” on Verizon shares. Another two analysts rate the stock a buy” while 17 analysts assign a hold.”
Only two analysts recommend a sell” on the stock while one analyst rates Verizon underperform,” according to Zachs.