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April 1, 2020, 9:15 a.m. EDT

Verizon stock added to Goldman's 'conviction list' while Comcast falls off

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By Emily Bary

Goldman Sachs analyst Brett Feldman made some changes to his positioning on telecommunications stocks Wednesday, elevating Verizon Communications Inc. shares /zigman2/quotes/204980236/composite VZ +0.24% to Goldman's 'conviction list' while dropping Comcast Corp. /zigman2/quotes/209472081/composite CMCSA -0.54% and Altice USA Inc. /zigman2/quotes/207426329/composite ATUS -0.66% from the list. He also downgraded shares of CenturyLink Inc. /zigman2/quotes/200067545/composite CTL +1.13% and Intelsat SA /zigman2/quotes/205500850/composite I +15.28% to sell from neutral. On Verizon, he said that the stock offers "the most attractive combination of total return and risk owing to its stable wireless business, well-covered dividend (4.6% yield) and strong balance sheet." He worries about "cord-cutting, advertising and [small-and medium-sized business] exposure" for Comcast and Altice USA but kept buy ratings on those stocks even while removing them from the conviction list. Feldman is concerned that the COVID-19 outbreak could put additional pressure on CenturyLink's wireline business and thus its earnings, and he has a more downbeat view on Intelsat due to the company's cruise-ship, aviation, and traditional media exposure.

/zigman2/quotes/204980236/composite
US : U.S.: NYSE
$ 54.10
+0.13 +0.24%
Volume: 19.96M
May 22, 2020 4:00p
P/E Ratio
12.18
Dividend Yield
4.55%
Market Cap
$223.87 billion
Rev. per Employee
$905,626
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/zigman2/quotes/209472081/composite
US : U.S.: Nasdaq
$ 38.74
-0.21 -0.54%
Volume: 12.38M
May 22, 2020 4:00p
P/E Ratio
15.35
Dividend Yield
2.37%
Market Cap
$176.82 billion
Rev. per Employee
$513,625
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/zigman2/quotes/207426329/composite
US : U.S.: NYSE
$ 24.16
-0.16 -0.66%
Volume: 4.78M
May 22, 2020 4:00p
P/E Ratio
97.46
Dividend Yield
N/A
Market Cap
$14.46 billion
Rev. per Employee
$785,114
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/zigman2/quotes/200067545/composite
US : U.S.: NYSE
$ 9.82
+0.11 +1.13%
Volume: 6.34M
May 22, 2020 4:00p
P/E Ratio
8.74
Dividend Yield
10.18%
Market Cap
$10.78 billion
Rev. per Employee
$520,956
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/zigman2/quotes/205500850/composite
US : U.S.: NYSE
$ 0.18
+0.02 +15.28%
Volume: 6.93M
May 22, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$25.41 million
Rev. per Employee
$1.82M
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