UPDATE: Credit Suisse Lowers PT on Verizon Communications as Competition Takes a Toll

In a report published Tuesday, Credit Suisse analyst Joseph Mastrogiovanni reiterated a Neutral rating on Verizon Communications (NYSE: VZ), but lowered the price target from $52.00 to $51.00.

In the report, Credit Suisse noted, “After the market close on December 8th, Verizon announced that it is seeing strong gross adds, partially offset by higher churn. The company expects pressure on wireless and consolidated margins due to strong sales of 4G smartphones and tablets, and increasing take rates of new discounted pricing plans. We're reducing our 4Q14 EPS estimate to $0.72 and our full-year 2015 EPS estimate to $3.73 from $3.81.”

Verizon Communications closed on Monday at $48.90.