NEW YORK (Reuters) -– Verizon Communications (VZ.N) shares could rise 40 percent in the next two years because of the diversity of its revenue sources and the quick growth in revenue from data, Barron's wrote in its February 2 issue.

Verizon is trading at about 12 times estimated 2009 earnings per share, Barron's wrote, making it “an attractive refuge in a weak macroeconomic landscape.”
The paper also pointed to the 44 percent growth in 2008 of data revenue in 2008, from broadband use, e-mail and text-messaging, led by the proliferation of smart phones, such as Research in Motion's (RIM.TO) “BlackBerry Storm.”
Citing Dreman Value Managements Co-Chief Investment Officer Cliff Hoover, Barron's wrote that Verizon's shares could rise to $41 or $42, or 40 percent above recent prices.
Verizon shares were down 1.19 percent, or 36 cents, Friday, closing at $29.87 in trading on the New York Stock Exchange.