$VZ - *VERIZON 1Q NET CHANGE IN POSTPAID PHONE SUBS -289K, EST. -185K *VERIZON REAFFIRMS 2025 GUIDANCE EXCLUDING TARIFF IMPACTS

The FAA may cancel a $2.4 billion contract with Verizon, $VZ, and instead give it to Starlink, owned by Elon Musk, per WaPo.

$VZ RESULTS: Q4 🔸 ADJ EPS $1.10 vs. $1.08 y/y, EST $1.09 🔸 ADJ EBITDA $11.9B, +1.7% y/y, EST $12.02B 🔸 Operating revenue $35.7B, EST $35.33B 🔸 Wireless Equipment revenue $7.5B, EST $7.21B 🔸 Consumer revenue $27.6B, EST $27.3B 🔸 Business revenue $7.5B, EST $7.48B 🔸 Wireless Service revenue $20B, EST $19.96B 🔸 FIOS Internet subscribers +51,000, -7.3% y/y, EST +44,675 F/Y GUIDANCE 🔸 Sees wireless service revenue growth +2% to +2.8% 🔸 Sees ADJ EBITDA +2% to +3.5% 🔸 Still sees capital expenditure $17.5B to $18.5B, EST $18.09B

$VZ $FYBR - VERIZON’S TAKEOVER OF FRONTIER SET TO CLEAR SHAREHOLDER VOTE- WSJ

$VZ - U.S. DEPARTMENT OF DEFENSE AWARDS VERIZON BUSINESS WITH CONTRACT EXTENSION

$VZ $LUMN U.S. Officials Probe Severity of China-Tied Cyberattacks to Broadband Providers -- WSJ Hackers Maintained Access to Some Breached Networks Within Last Week, Sources Say -- WSJ More Potential Victims Have Been Notified of Possible Compromise, Sources Say -- WSJ Lawmakers Send Letters to Verizon, AT&T, Lumen Requesting Information on Hacks, Responses -- WSJ

$VZ VERIZON TO BUY FRONTIER FOR $38.50/SHR IN CASH

$VZ RESULTS: Q2 🔸ADJ EPS $1.15 vs. $1.21 y/y, EST $1.15 🔸Operating revenue $32.8B, EST $33.07B 🔸Consumer revenue $24.9B, EST $25.16B 🔸Business revenue $7.3B, EST $7.35B 🔸Wireless Service revenue $19.8B, EST $19.79B 🔸FIOS Internet subscribers +28,000, EST +38,089 🔸ADJ EBITDA $12.3B, EST $12.29B F/Y GUIDANCE 🔸Still sees ADJ EPS $4.50 to $4.70, EST $4.57 🔸Still sees wireless service revenue growth +2% to +3.5% 🔸Still sees capital expenditure $17B to $17.5B, EST $17.34B

STREET RECOMMENDATION - JULY 01, 2024 Upgrades $ADNT: BNP Paribas Upgrades to Neutral from Underperform - PT $26 $AGRO: JPMorgan Upgrades to Neutral from Underweight - PT $11.50 (from $10.50) $BIRK: UBS Upgrades to Buy from Neutral - PT $85 (from $52) $COLD: Wolfe Research Upgrades to Outperform from Peerperform - PT $31 $ICE: Goldman Sachs Upgrades to Buy from Neutral - PT $167 (from $143) $MGA: BNP Paribas Upgrades to Outperform from Neutral $TFX: Piper Sandler Upgrades to Overweight from Neutral - PT $245 (from $205) $TFX: Piper Sandler Upgrades to Overweight from Neutral - PT $245 (from $205) Downgrades $AMED: William Blair Downgrades to Market Perform from Outperform $ICFI: Truist Securities Downgrades to Hold from Buy - PT $155 (from $168) $NEP: RBC Capital Downgrades to Sector Perform from Outperform - PT $30 (from $38) $SAVA: H.C. Wainwright Downgrades to Neutral from Buy $ZBH: Piper Sandler Downgrades to Neutral from Overweight - PT $115 (from $140) Initiates $AMKR: JPMorgan Initiates at Overweight - PT $48 $AMT: Goldman Sachs Initiates at Buy - PT $230 $ATUS: Goldman Sachs Initiates at Sell - PT $2 $AXGN: Raymond James Initiates at Outperform - PT $13 $BIVI: ThinkEquity Initiates at Buy - PT $3 $CCOI: Goldman Sachs Initiates at Neutral - PT $56 $CHTR: Goldman Sachs Initiates at Sell - PT $250 $DLR: Goldman Sachs Initiates at Buy - PT $175 $EQIX: Goldman Sachs Initiates at Buy - PT $870 $FYBR: Goldman Sachs Initiates at Buy - PT $29 $GAUZ: Stifel Initiates at Buy - PT $18 $GAUZ: TD Cowen Initiates at Buy - PT $24 $IMMX: H.C. Wainwright Initiates at Buy - PT $7 $LUMN: Goldman Sachs Initiates at Sell - PT $1 $T: Goldman Sachs Initiates at Buy - PT $22 $TALK: Needham Initiates at Hold $TMUS: Goldman Sachs Initiates at Buy - PT $200 $VZ: Goldman Sachs Initiates at Neutral - PT $50 $WRB: TD Cowen Initiates at Buy - PT $103 : JMP Securities Initiates at Market Outperform - PT $6