VZ (Market Perform) - On Friday VZ held a sell-side analyst event at its NYC office. Comments while positive were largely a reiteration of previous things said. Wireless should continue to drive modest growth while a narrowed focus on future 5G opportunities is providing an opportunity today to shrink the cost structure. While we are positive on the fundamental backdrop we see limited upside to current levels.
Cowen_VZ.pdfJACK (Market Perform) - Lowering PT to $81 from $94. We lower our 4Q comp est from 1.5% to 0.5% (vs. 1.1% Consensus Metrix) which assumes the two-year comp of -0.5% in the first 4 weeks sustained during the last 8. We expect 1Q QTD sales trends to be running -0.5%; below the implied consensus of 1% and above conversations with investors that suggest -2% or worse. We model 2019 comps of 1% relative to 1.4% Consensus Metrix. PT to 94 from 81.
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