Verizon's Structural Re-Rating Has Just Begun

Verizon (VZ) is undervalued, with its optical network offering significant upside beyond its traditional wireless business. Q2 results showed margin expansion: adjusted EBITDA up 7.2% YoY to $13.7B, with a record 40.1% margin, despite modest revenue decline. The $1B+ Google dark fiber deal highlights VZ's underappreciated AI infrastructure potential, offering high-margin growth opportunities. I assign a Buy rating, as current valuation fails to reflect VZ's evolving business mix and fiber monetization prospects.

There are three big companies that dominate almost the entire wireless service in America, to say the least. These are Verizon ( VZ ), AT&T ( T ) and T-Mobile ( TMUS ). In the meantime, cable