VERIZON STOCK RISES ABOVE MA5 ON RATING UPGRADE
Verizon Communications Inc.’s stock is currently trading at 57.48-higher by 1.34% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.04%. The stock has continued gaining after the opening bell.
Oppenheimer upgraded the telecom giant’s stock to outperform from perform. The firm has a price target of $70 a share on stocks of Verizon Communications. Oppenheimer’s price target represents around 22% upside from today’s opening price.
The firm also said the potential customer churn due to the proposed merger between T-Mobile and Sprint could allow the telecom giant to gain customers. Oppenheimer thinks that the telecom giant will be early and successful with its 5G network. Verizon announced earlier this month that it would sell its blogging website Tumblr to WordPress parent Automattic Inc. for a small sum.
On the technical front, the RSI is currently at 57.95% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 67% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 57.40 TAKE PROFIT AT 57.85 STOP LOSS AT 57.17