UPDATES: Hudson Square Research Reiterates Sell, Raises PT to $32 on Verizon

Hudson Square Research maintains its Sell rating on Verizon (NASDAQ: VZ) as it updates model to reflect iPhone sales. It raises its target price to $32 as it rolls deadline to 2012 year end.

Hudson Square Research says, "At a recent conference, the company said it sold 4.2 million iPhones in the quarter, and expected wireless EBITDA margins to drop 500-600bp sequentially because of the handset subsidy costs. Verizon did better than we thought with the iPhone 4S (we expected more customers would opt for AT&T and its faster HSPA+ network speeds)."

VZ closed at $39 yesterday.