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Wolfe Research downgraded Verizon from 'outperform' to 'peer perform,' citing worries about its market performance and rising costs to maintain its premium customer base.

At the Deutsche Bank Conference, Verizon's Chief Revenue Officer noted that first-quarter postpaid phone net additions may decline due to higher churn rates compared to last year.

Verizon gained about 100,000 net new postpaid phone subscribers last year, raising concerns about its growth potential amid ongoing initiatives.

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About Verizon Communications Inc.

Verizon Communications Inc. is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States. The Wireline segment offers voice, data and video communications products and services, such as broadband video, data center and cloud services, security and managed network services, and local and long distance voice services. The Company has combined Yahoo! Inc.’s operating assets with its existing AOL Inc. business to create a new subsidiary, Oath Inc., owns a diverse house of more than 50 media and technology brands. The Oath portfolio includes HuffPost, Yahoo Sports, AOL.com, MAKERS, Tumblr, Yahoo Finance and Yahoo Mail.