On July 28, Verizon rose 3.21% in regular trading, trading at approximately $48.79 per share, with turnover of $391 million. The rally was driven by multiple institutions raising their price targets in the wake of better-than-expected second-quarter results.

Following the Q2 earnings release, Morgan Stanley raised its price target on Verizon from $50 to $52 while maintaining an Equalweight rating, and Royal Bank of Canada lifted its target from $46 to $47. The company reported Q2 adjusted EPS of $1.30, beating the consensus estimate of $1.27 and representing a 6.56% year-over-year increase. Full-year EPS guidance was raised for the second consecutive quarter to a range of $4.99 to $5.04, above the FactSet estimate of $4.98. Additionally, the company announced a deal worth over $1 billion with Google to provide dark fiber connectivity for AI data centers, while its CEO disclosed multi-billion-dollar multi-year contracts expected to be announced before year-end.

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