Citi analyst Jason Bazinet puts Cablevision's (CVC) fair value absent M&A at $18 per share. At yesterday's closing price of $28.06, the stock is pricing in about $10 per share of a takeover premium, Bazinet tells investors in a research note. However, if the company is sold, it could fetch $34 per share, he adds. Bazinet does not dispute the thesis that Cablevision will ultimately get sold, but he disagrees with the consensus that Altice (ATCEY) is the "obvious" suitor. The analyst believes Altice may also have interest in Verizon's (VZ) remaining wireline assets, which he views as a more compelling deal for the company. Bazinet keeps a Sell rating on Cablevision with a $21 price target.

Wells Fargo lowered the firm's price target on Verizon to $40 from $44 and keeps an Equal Weight rating on the shares. The firm sees encouraging signs in Q1 - improvement in sub trends and limited churn from price-ups - offset by some softness in the business segment and prepaid. Wells would get more constructive when there's visibility on a sustainable improvement in sub trends.

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Total wireless service revenue of $19.5 billion, a 3.3 percent increase year over year. Retail postpaid phone net losses of 68,000, and retail postpaid net additions of 253,000. Retail postpaid phone churn of 0.89 percent, and retail postpaid churn of 1.15 percent.

Total wireless service revenue growth of 2.0 percent to 3.5 percent. Adjusted EBITDA growth of 1.0 percent to 3.0 percent. Capital expenditures between $17.0 billion and $17.5 billion. Adjusted effective income tax rate1 in the range of 22.5 percent to 24.0 percent.

Reports Q1 revenue $33B, consensus $33.24B.