Telecommunications major Verizon Communications Inc. (VZ) and the National Football League (NFL) have announced a 10-year partnership that will utilize 5G to support innovation and technology adoption throughout the league.
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Following the news, shares of the company declined marginally on Thursday. The stock, however, pared its losses slightly in extended trade and closed at $54.51.
Through this partnership, Verizon and the NFL aim to harness the power of 5G to positively impact management, scouting, training, health and safety and game-day operations. Further, it aims to enhance the stadium experience for audiences with features like Verizon 5G Multi-View and expansion of the deployment of 5G Ultra Wideband.
The CEO of Verizon, Hans Vestberg, said, “Our longstanding relationship, and swift delivery of 5G connectivity in 25 stadiums, has created new ways to bring fans even closer to the action. As we embark on the next 10 years, our work with the NFL will continue to enhance and transform not only the fan experience, but also the potential to improve player training and overall venue operations.” (See Verizon stock chart on TipRanks)
Two months ago, J.P. Morgan analyst Philip Cusick reiterated a Buy rating on the stock. The analyst, however, raised the price target from $64 to $65, which implies upside potential of 19.4% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 5 Buys, 4 Holds and 1 Sell. The average Verizon price target of $61.78 implies that the stock has upside potential of 13.5% from current levels.
Verizon scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have declined about 8.6% over the past year.
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