1、M FoundationFor a deeper dive into our views on Verizon and the broader Telecom&Cable Services sector,please see our recent 2025 Year-Ahead Outlook Bringing It All Together(here),Investor Presentation(here),podcast discussion(here),and recent thesis update Is Wireless Still a Safe Haven?(here).Whats

2、 Changed Verizon Communications(VZ.N)FromToRatingNAEqual-weightPrice TargetNA$47.00Frontier Communications Parent,Inc.(FYBR.O)RatingNAEqual-weightPrice TargetNA$38.50Verizon Communications|North AmericaLooking for Consumer Wireless&Converged Growth-Resume at Equal-WeightOur EW reflects a balanced vi

3、ew of VZs attractive valuation and upside to FCF from bonus depreciation against a modest EBITDA growth outlook and risk to consumer wireless net adds expectations.We look for wireless churn improvement and fiber expansion acceleration to get more bullish here.Morgan Stanley&Co.LLCBenjamin Swinburne

4、,CFAEquity Analyst Benjamin.S +1 212 761-7527 Blake Netter,CPAResearch Associate Blake.N +1 212 761-4679 Patrick A HoResearch Associate Patrick.H +1 212 761-2764 Cameron McVeigh,CFAEquity Analyst Cameron.McV +1 212 761-4209 Verizon Communications(VZ.N,VZ UN)Telecom&Cable Services|United States of Am

5、ericaStock RatingEqual-weightIndustry ViewIn-LinePrice target$47.00Shr price,close(Jul 9,2025)$42.61Mkt cap,curr(mm)$180,10452-Week Range$47.36-37.59Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may

6、have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at