NEW YORK (TheStreet) -- Verizon (VZ) announced that it has invested more than $711 million in infrastructure improvements in 2013 in the state of Virginia alone. The investments are set to benefit both residential and business customers across the state, it said.
Verizon says that it has invested over $3.7 billion in Virginia's telecom infrastructure over the past three years, including adding nearly 20,000 miles of fiber optic wiring in the state.
The telecom giant hopes that the state can be one of the hubs for its burgeoning Verizon FiOs TV and Internet services. While not a major challenger to pay-TV industry leaders Comcast (CMCSA), Time Warner Cable (TWC) and Dish Network (DISH), Verizon hopes the budding infrastructure will make it competitive in the future.
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TheStreet Ratings team rates VERIZON COMMUNICATIONS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate VERIZON COMMUNICATIONS INC (VZ) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."