Verizon (NYSE:VZ) stock forecast: new Wall Street price targets after Q3 earnings

Verizon (NYSE: VZ) shares trade near $43 as Goldman Sachs, Morgan Stanley, Citi and Barclays cut their price targets despite stronger earnings and subscriber growth. The 12-month analyst consensus points to approximately 17% upside.

• Wall Street’s average 12-month Verizon stock price target stands at $50.56, compared with the October 28 closing price of $43.18. Individual forecasts range from $44 to $62.
• Goldman Sachs lowered its target to $47, Morgan Stanley to $50, Citi to $53 and Barclays to $44 following Verizon’s third-quarter results.
• Verizon added 406,000 postpaid phone subscribers and raised its earnings outlook, but weaker equipment revenue, substantial debt and potential SpaceX competition continue to weigh on valuations.

Verizon stock price forecast: Investment bank targets for 2027

Wall Street analysts remain cautiously positive on Verizon Communications (NYSE: VZ), although a series of downward price target revisions following its October 26 earnings report suggests that expectations are becoming more conservative.

As of October 29, 2026, the average 12-month price target stands at $50.56, implying a potential 17.1% gain from the latest completed trading session’s closing price of $43.18. The median forecast is $50, with estimates ranging between $44 and $62.

The consensus is divided. Among 25 analysts tracked in one survey, 11 recommend buying Verizon shares and 14 advise holding. None recommend selling. Other aggregators report an average target of approximately $50.75, reflecting differences in analyst coverage.

The direction of recent revisions matters more than the headline consensus. Following Verizon’s third-quarter earnings, Goldman Sachs, Citi, Morgan Stanley, Barclays and several other firms reduced their targets, even though the company exceeded subscriber expectations and raised its annual profit guidance.

Investment bank price targets as of October 29, 2026. Potential returns use Verizon’s October 28 closing price of $43.18.

Investment bank	Previous target	Latest target	Implied upside
Goldman Sachs	$51	$47	+8.8%
Morgan Stanley	$52	$50	+15.8%
JPMorgan	$52	$52	+20.4%
Citi	$55	$53	+22.7%
Barclays	$46	$44	+1.9%
BNP Paribas Exane	$46	$45	+4.2%
Daiwa Securities	$55	$52	+20.4%
TD Cowen	$56	$55	+27.4%
Scotiabank	$50	$50	+15.8%
Bank of America	$48	$48	+11.2%
UBS	$48	$48	+11.2%

The targets are generally for a 12-month investment horizon, rather than specific closing prices at the end of 2026. Unchanged targets represent the latest identified forecasts, not necessarily new research published after the earnings announcement.

Why Goldman Sachs, Morgan Stanley and Citi cut their Verizon forecasts

• Goldman Sachs made one of the largest revisions, lowering its price target by $4, or 7.8%, to $47 while retaining a Buy recommendation. That leaves less than 9% potential appreciation from the October 28 closing price, substantially below the broader analyst consensus.
• Citi’s Michael Rollins maintained a Buy rating but reduced the target from $55 to $53. The revised forecast still implies almost 23% upside, placing Citi among the more optimistic major investment banks.
• Morgan Stanley lowered its target from $52 to $50 while retaining an Equal-Weight rating. JPMorgan maintained a $52 target with a neutral recommendation. The two banks’ ratings indicate that their price targets should not be interpreted as outright buy recommendations, even where the projected share price exceeds the current market value.
• Barclays presents the most conservative near-term assessment among the major firms. Its $44 target, reduced from $46, offers less than 2% price appreciation and leaves little room for disappointing earnings or competitive developments.
• TD Cowen remains more optimistic, with a Buy rating and a revised $55 target, down from $56. Daiwa Securities lowered its forecast from $55 to $52, while BNP Paribas Exane reduced its target from $46 to $45.

Seven of the eight banks that updated their targets immediately after the earnings release reduced them. Their combined reductions totaled $17, with Goldman Sachs making the largest individual adjustment.

The important distinction is between earnings expectations and equity valuation. Verizon’s operating performance improved, yet analysts generally assigned lower prices to its shares. The public target revisions do not establish that every bank used the same reasoning, but they show that improved quarterly results have not eliminated reservations about the company’s longer-term valuation.

Verizon Q3 earnings beat forecasts, but revenue missed expectations

Verizon’s third-quarter results provided substantial evidence that its customer acquisition strategy is working. The company added 406,000 postpaid phone subscribers, compared with analyst expectations of approximately 209,000. That represents nearly twice the anticipated number and the strongest third-quarter performance in five years.

Net postpaid account additions reached 137,000, Verizon’s best result in more than a decade. Consumer postpaid phone churn improved to 0.87%, while promotional customer acquisition costs fell 41% and retention costs declined 30%.

These figures support management’s decision to reduce device subsidies and focus on customers generating recurring revenue.

Profitability also exceeded expectations. Adjusted earnings per share increased 8.3% to $1.31, ahead of the approximately $1.27 consensus. Adjusted EBITDA rose 8% to $13.8 bn, with the margin reaching 40.2%.

Quarterly free cash flow increased 12.1% to $7.8 bn, its highest quarterly level since 2020.

Revenue was the weaker component. Total operating revenue increased 1.5% to $34.3 bn, below market expectations of approximately $34.7 bn to $34.9 bn. Equipment revenue declined 9%, primarily because fewer customers upgraded their phones and Verizon reduced subsidies.

The distinction matters for valuation. Lower equipment sales can reduce reported revenue without necessarily weakening profitability, particularly when promotional expenses fall. Verizon’s higher adjusted EBITDA and free cash flow support that interpretation.

Nevertheless, investors need evidence that recurring service revenue can sustain earnings growth after the benefits of reduced acquisition costs become less pronounced.

Management now expects 1.1 mn to 1.2 mn postpaid phone net additions in 2026, compared with its previous forecast of 750,000 to 1 mn. It also raised adjusted EPS guidance to $5.04-$5.06, representing annual growth of 7%-7.5%. Free cash flow growth is expected to approach 12%.

Mobility and broadband service revenue increased 2.9% to $23.5 bn in the third quarter. Verizon expects growth in that category to reach approximately 4% in the fourth quarter.

Verizon stock valuation: Is the $50 price target reasonable?

At $43.18 per share, Verizon trades at approximately 8.6 times the midpoint of its 2026 adjusted EPS guidance of $5.05. That is a relatively modest earnings multiple. It also means that analysts’ price targets imply different assumptions about the valuation investors will assign to Verizon.

Using the same $5.05 earnings base for comparison, Goldman Sachs’ $47 forecast corresponds to approximately 9.3 times earnings. Morgan Stanley’s $50 target implies 9.9 times, while Citi’s $53 target corresponds to 10.5 times. TD Cowen’s $55 forecast would require a multiple of approximately 10.9 times.

These are illustrative multiples calculated from company guidance, not the banks’ disclosed valuation methodologies or estimates for 2027 earnings.

At the consensus target of $50.56, Verizon would trade at almost exactly 10 times guided 2026 adjusted earnings.

That is a plausible valuation if earnings growth and customer retention remain strong. It is less compelling if competition restricts pricing, broadband growth slows or debt costs absorb a greater portion of operating cash flow.

The balance sheet remains an important limitation. Verizon reported total debt of $166.2 bn at September 30, up from $158.2 bn at the end of 2025. Its net unsecured debt-to-adjusted EBITDA ratio stood at 2.3 times.

Verizon also pays a quarterly dividend of $0.7075 per share, equivalent to $2.83 annually. At $43.18, the indicated dividend yield is approximately 6.6%.

If the stock reaches the $50.56 consensus target over 12 months, the share-price gain would be 17.1%. Including four quarterly dividends at the current rate would produce an illustrative total return of approximately 23.7%, before taxes and without dividend reinvestment.

That calculation assumes the dividend remains unchanged and does not account for the possibility that the stock fails to reach the consensus target.

AI infrastructure contracts offer a new revenue opportunity

Verizon’s agreement with Amazon Web Services provides another potential source of growth outside its traditional wireless business.

The contract, valued at more than $2 bn, covers high-capacity fiber connectivity for AWS data centers supporting artificial intelligence workloads.

Verizon says its signed AI connectivity contracts now total approximately $4 bn, including the AWS agreement. Management expects revenue from these arrangements to begin contributing more meaningfully in 2027.

The company is also discussing additional connectivity contracts with hyperscalers, cloud infrastructure providers and large enterprise customers.

This business could support higher valuations if contracts translate into recurring revenue and attractive returns on invested capital. The announced contract values, however, should not be treated as annual revenue or immediate earnings contributions.

Verizon expects its fiber network to reach more than 32 mn passings by the end of 2026, with a medium-term objective of 40 mn to 50 mn.

For analysts considering a higher share-price target, the next relevant development will be the financial contribution of these investments, rather than the nominal value of signed contracts.

SpaceX and Starlink competition remain valuation risks

SpaceX’s plans to enter the US mobile communications market have added another uncertainty to Verizon’s longer-term earnings forecasts.

Reports that SpaceX was exploring access to approximately 80,000 US cellular sites intensified concerns that Starlink could eventually compete directly with terrestrial mobile operators.

There is an important distinction between satellite connectivity used to extend mobile coverage and a nationwide terrestrial wireless network capable of competing with established operators.

Verizon CEO Dan Schulman estimated that building such a network could take four to six years and require $300 bn to $500 bn in investment.

SpaceX’s reported timetable for introducing additional mobile services in 2028 suggests that competitive pressure could develop before a comparable terrestrial network is established.

The potential impact on Verizon’s valuation depends on whether Starlink can compete for mainstream wireless subscribers or remains primarily a complementary service for areas with limited terrestrial coverage.

At present, Verizon’s improving subscriber figures provide little evidence of an immediate deterioration in its competitive position. Longer-term uncertainty may nevertheless limit how much investors are prepared to pay for its future earnings.

Verizon stock price prediction for 2027: Bullish and bearish scenarios

The range of existing analyst targets provides a useful way to assess potential outcomes without introducing unsupported price forecasts.

Conservative case: $44-$47 / +1.9% to +8.8%

Barclays, BNP Paribas Exane and Goldman Sachs targets fall within this range. Verizon maintains profitability and its dividend, but investors assign little additional value to future growth.

Consensus case: $50-$53 / +15.8% to +22.7%

Targets from Morgan Stanley, JPMorgan, Citi and other firms are consistent with continuing earnings growth and a moderate recovery in valuation.

Optimistic case: $55-$62 / +27.4% to +43.6%

The upper end of Wall Street’s published forecasts would require stronger confidence in sustained earnings growth, broadband expansion and improved returns from network investment.Illustrative scenarios derived from published 12-month analyst targets, not probability-weighted forecasts. Returns are measured against $43.18 and exclude dividends.

What could change the Verizon stock forecast?

The more consequential test will come with Verizon’s 2027 outlook, expected alongside its next quarterly earnings report in January. Investors will be looking for confirmation that customer additions are generating sustainable service revenue growth, that reduced subsidies are continuing to support margins and that AI connectivity contracts are beginning to contribute to earnings.

Verizon enters that period with stronger subscriber growth, improved cash generation and higher full-year profit guidance. Its valuation remains relatively low, but analysts have become less optimistic about how far the shares can appreciate.

The approximately $50-$51 Wall Street consensus represents a moderate recovery rather than a substantial revaluation. Whether Verizon can exceed that range will depend less on another quarter of strong subscriber additions than on its ability to convert those gains into sustained revenue growth during 2027.