Wells Fargo analyst Jennifer Fritzsche downgraded Verizon Communications (VZ) to Market Perform saying the stock's outperformance since U.S. presidential election is not sustainable given growth headwinds in 2017. Consensus revenue estimates for 2017 are not fully factoring in enhanced competitive intensity from T-Mobile (TMUS) and Sprint (S), Fritzsche tells investors in a research note. She also believes Verizon's perceived need to buy more spectrum in a secondary market transaction remains overhang. The analyst lowered her price target range for the shares to $53-$55 from $56-$58. Verizon closed Friday up 36c to $52.72.

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.