Oppenheimer Upgrades Verizon to Outperform and Raises EPS Estimates

According to a recent report, Oppenheimer has upgraded Verizon Communications VZ to an Outperform rating and introduced a price target of $42.00. In the same report, Oppenheimer has raised the EPS estimates from $2.20 to $2.22 for 2011 and from $2.50 to $2.55 for 2012. In the report, Oppenheimer said, "VZ has premiere wireline and wireless networks and has spent almost a decade spending substantially higher capex and is set to see very strong FCF growth going forward." Verizon closed yesterday at $35.38.