JPMorgan analyst Sterling Auty called Synchronoss Technologies' (SNCR) renewal with Verizon (VZ) to support the latter's cloud for five more years a "significant positive," as he believes the pact should alleviate a lot of the concerns that the company would potentially lose their largest customer. Auty, who thinks this news should provide near-term relief to the stock, keeps a Neutral rating on Synchronoss shares.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.

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.