Telecommunications company Verizon Communications Inc. (VZ) recently announced that its private edge compute solution is now available for Microsoft Azure users. Following the news, shares of the company appreciated marginally on Tuesday. Moreover, it added to its gains slightly to close at $55.03 in extended trade.
The combination of Verizon 5G Edge and Microsoft Azure Stack Edge is expected to provide enterprises with increased efficiencies of operations, low lag and high bandwidth, including heightened levels of security.
While retailers can leverage the feature to improve inventory management and supply chain processes, manufacturers can improve the performance of their assets, optimize their operations, minimize downtime and obtain end-to-end visibility across all processes to make faster and smarter decisions.
The Chief Revenue Officer of Verizon Business, Sampath Sowmyanarayan, said, “Our partnership with Microsoft brings 5G Edge to enterprises, dropping latency at the edge, helping critical, performance-impacting applications respond more quickly and efficiently.” (See Verizon stock chart on TipRanks)
Last month, J.P. Morgan analyst Philip Cusick reiterated a Buy rating on the stock. The analyst, however, raised the price target to $65 from $64, which implies upside potential of 18.2% 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 12.3% 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 7% over the past year.
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