ADash -

• Use corporate bond yield to compare against SP earnings yield (http://research.stlouisfed.org/fred2/series/BAA) currently at 6.15% vs SP EY 7.41%
• VZ => DY(dividend Yield) 7% in July 2010, CBY (corporate bond yield) 6.2%, DCF $29 excl assets
• Nov 2008, DY on VZ = 7.4%, BMY = 5.8%, CBY = 9.2%. People seem to like dividend yield about 7%.
• Always check for preferred shares. In March 2009, BAC preferred H (8.2%) shares traded for $6.12, w/ a DY of 34%. Granted everyone thought they would be bankrupt, but money is made back in about 3 years along w/ capital appreciation (implied value = DY/Preferred Share yield = $25)

Bespoke

• Each week, Bloomberg surveys the head equity strategists at the major Wall Street firms for their year-end S&P 500 price targets