Phases of Covid-19 crisis:
Early- to mid-March 2020:
Fear of the coronavirus outbreak spreading rapidly translates into
reality, with the number of cases accelerating globallyLate-March 2020 onward:
Social distancing measures + lockdownsApril 2020:
Fed stimulus suppresses near-term survival anxietyMay-June 2020:
Recovery of demand, with gradual lifting of lockdowns - no panic anymore despite a steady increase in the number of casesSince late 2020:
Weak quarterly results, but continued
improvement in demand and progress with vaccine development buoy market sentiment
Verizon stock has recouped the losses it suffered last March, and currently trades around its pre-Covid peak. We believe that the stock is fairly valued and will largely trade sideways in the near future despite expectations of subdued growth in the number of new Covid-19 cases in the U.S.