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Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was upgraded by UBS AG from a “neutral” rating to a “buy” rating in a research note issued on Friday, TheFlyOnTheWall.com reports.

Shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) traded down 2.07% during mid-day trading on Friday, hitting $12.29. 9,411,860 shares of the company’s stock traded hands. Telefonaktiebolaget LM Ericsson has a 1-year low of $10.67 and a 1-year high of $14.22. The stock has a 50-day moving average of $11.95 and a 200-day moving average of $12.40. The company’s market cap is $39.673 billion.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Friday, January 31st. The company reported $0.38 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.25 by $0.13. The company had revenue of $10.30 billion for the quarter, compared to the consensus estimate of $10.09 billion. On average, analysts predict that Telefonaktiebolaget LM Ericsson will post $0.86 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank upgraded shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “buy” rating in a research note to investors on Thursday, January 9th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Telefonaktiebolaget LM Ericsson in a research note to investors on Friday, December 13th. They now have a $12.00 price target on the stock. Finally, analysts at Societe Generale upgraded shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “buy” rating in a research note to investors on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $13.00.

Telefonaktiebolaget LM Ericsson is a Sweden-based communications technology company. The Company is engaged in the provision of communications infrastructure, services and multimedia solutions.

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