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Telecommunications: Telecom Services
Sanford C. Bernstein & Co.’s Craig Moffett advances from runner-up to the third team; he is also No. 1 in Cable & Satellite, for a fifth straight year.
Sanford C. Bernstein & Co.
Sanford C. Bernstein & Co.s Craig Moffett advances from runner-up to the third team; he is also No. 1 in Cable & Satellite, for a fifth straight year. Moffett upgraded Verizon Communications from underperform to neutral in February, at $27.44. Verizons relative multiple, relative to the broader market, had compressed, and expectations had fallen sharply, to the point that it no longer warranted an active underperform rating, explains Moffett. The New Yorkbased phone and Internet service providers shares rose 7.6 percent, to $29.53, through August. During the same period the sector climbed 10.2 percent. Moffett has in-depth knowledge of the sector and is not afraid to take a contrarian view, hails one supporter.