Oppenheimer analysts upgraded Verizon Communications Inc. (NYSE:VZ) to Outperform from Perform with a $50 price target.

After almost two years (previously downgraded in Feb 2021), the analysts are getting constructive on the company again, expecting gradual stabilization-to-growth of its subscriber base, however mentioning that near-term trends could remain volatile, on (1) network quality improvement, (2) effective customer segmentation, and (3) good bundling of the company flourishing fixed wireless access service.

The analysts also expect strong free cash flow growth of 15% per year, as the company has passed peak investment and leverage.