Verizon Communications Inc

VZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$83.00	Jlmvj	Ydhqtjdks

Wireless Carriers Optimistic Heading Into 2023; We Like Verizon Among This Undervalued Group

Michael Hodel

Jan 5, 2023

The big three U.S. wireless carriers struck a generally optimistic tone at an investor conference this week. We expect Verizon, AT&T, and T-Mobile will post steady results for the fourth quarter, with modest industry growth and expanding cash flows continuing into 2023. We believe the three carriers’ shares are undervalued, with Verizon trading at the steepest discount to our fair value estimate.

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