Why Verizon Shares Are Falling

Verizon Communications Inc. VZ shares are trading lower by 4.23% at $49.72 after Goldman Sachs downgraded the stock from Buy to Neutral.

Verizon last week reported first-quarter adjusted EPS of $1.35 which was in line with the analyst consensus estimate. The company reported sales of $33.60 billion, which beat the analyst consensus estimate of $33.54 billion. Verizon also sees FY22 adjusted EPS guidance at the lower end of its previously issued $5.40-$5.55 range.

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Verizon offers communications, technology, information and entertainment products and services to consumers, businesses and governmental entities worldwide.

According to data from Benzinga Pro, Verizon has a 52-week high of $59.85 and a 52-week low of $49.68.