Verizon Has A Full Tank Of Gas: 14% Upside Short Term & 50% Upside Long Term
Shares of Verizon have been trading within a well defined 35 year rising channel. The stock has yet to eclipse its doc-com era high of $68, and the fibonacci extension targets derived from the Dot-com high and 2002 low indicate a first price objective of $93, representing 56% upside from current levels. Short term, the stock still needs to test resistance at its all time high of $68, representing 14% upside from current levels. A strong 5G cycle over the next 2-5 years in the U.S. can be the catalyst needed to move shares higher.