Nomura Securities analyst Adam Ilkowitz trimmed his price target on Verizon Communications (NYSE: VZ) from $55 to 53 while maintaining a Buy rating citing weakening trends.

Ilkowitz commented, "Verizon reported a solid financial quarter as Adj. EBITDA and EPS beat our and consensus expectations, with much of the benefit from revenue and cost control. Adoption of Edge installment plans had a minimal impact in 1Q, but we expect this to grow in the coming quarters and put Verizon in a similar spot as the rest of the industry. This leads us to lower long-term revenue and EBITDA growth projections, and therefore our DCF-based target price. We believe the uncertainty-driven sell-off in telecom shares has been overdone and find Verizon shares to be attractive at current levels. We maintain our Buy rating as we believe Verizon can continue to generate earnings and free cash flow growth despite the headwinds."

The firm trimmed FY14E EPS from $3.54 to $3.47; FY15E EPS from $3.92 to $3.85

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Shares of Verizon Communications closed at $45.94 yesterday.