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Benzinga
Benzinga
Business
Melanie Schaffer

Verizon Plunges: Here's Why There May Be More Downside Before The Bounce

Verizon Goldman Sachs NYSE

Verizon Communications, Inc (NYSE:VZ) slid more than 4% lower on Monday after Goldman Sachs downgraded the stock from Buy to Neutral. The fall was in addition to a 5.64% decline on Friday following the release of the company’s first-quarter earnings print.

For that quarter, Verizon reported earnings per share of $1.35, meeting the analyst consensus estimate and sales of $33.6 billion, which beat the analyst consensus estimate of $33.54 billion. The post-earnings slide was likely due to the company lowering its EPS guidance for FY22, which they adjusted to come in at the lower end of the previously stated $5.40-$5.55 range.

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