After an impressive six-day rally that saw a 7.75% surge, Verizon Communications (NYSE:VZ) shares were poised to experience their first decline since Dec. 27, 2023, inching 0.10% lower to $40.18 by 1327 ET on Monday.

The telecommunications company attracted attention last week with upgrades from KeyBanc Capital Markets and Wolfe Research, attributed to the low competitive environment in the wireless industry and improving subscriber growth.

Despite this pause, projections for Verizon remain promising. Barron’s reported that the stock’s adjusted EBITDA growth is expected to be 2% in 2024, compared to zero in 2023, marking the second-fastest rate since 2018.

Currently hovering near its highest level since early 2023, VZ has seen a 2.86% decrease over a 12-month period.

Seeking Alpha’s Quant ratings gave Verizon a Hold rating with a score of 3.48 out of 5, grading the company A+ for profitability and B+ for momentum.

Wall Street analysts have also shown favor towards the telecommunications giant, with approximately 14 sell-side analysts recommending Verizon as a Buy or higher in the last 90 days, while 12 suggested a Hold, and only one held a Sell rating on the stock.

Seeking Alpha analysts echoed the sentiment, particularly The Dividend Collectuh, who pointed out Verizon’s strong growth in its post-paid phone and broadband segments, adding consecutive subscribers over multiple quarters, thereby endorsing a Buy rating.

“With rates expected to decline this year, I think this will benefit Verizon as consumer confidence becomes more favorable for the stock,” the analyst added.