Verizon Becomes Top Wireless Pick at Evercore, Rating Raised to Outperform

Verizon Communications (NYSE:VZ) shares rose more than 1% pre-market today after Evercore ISI upgraded the company to Outperform, raising its price target to $48 from $44, signaling renewed confidence in the telecom giant’s trajectory amid broader market volatility.

Despite outperforming the S&P 500 this year with an 11% total return, Verizon still trails competitors AT&T and T-Mobile, which have surged 19% and 16% respectively. Evercore believes this gap is no longer justified. While Verizon has long maintained a conservative stance to preserve its premium positioning in a competitive landscape, recent operational improvements are beginning to show results.

The firm points to steady gains in postpaid subscriber performance, strength in its business wireless segment, and consistent broadband growth as evidence of effective execution. Additionally, the pending Frontier acquisition is seen as a strategic move that could bolster long-term financial flexibility and shareholder returns—potentially unlocking $5 billion in annual excess capacity by 2027.

Evercore acknowledges that wireless isn’t insulated from broader macroeconomic and competitive pressures, but argues that Verizon’s undervalued fundamentals, fiber expansion, and reliable cash flow make it a compelling pick—especially in a market increasingly driven by defensive strategies. With this upgrade, Verizon now stands as Evercore’s top value play and leading pick within the wireless sector.