Ericsson (ERIC) Receives Hold Rating from Canaccord Genuity
Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating restated by analysts at Canaccord Genuity in a note issued to investors on Thursday. They presently have a $5.50 price objective on the stock, down from their previous price objective of $7.00. Canaccord Genuity’s price target would suggest a potential upside of 1.10% from the stock’s previous close.
A number of other brokerages also recently commented on ERIC. BMO Capital Markets reissued a “market perform” rating and issued a $7.00 price target on shares of Ericsson in a report on Thursday. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Natixis cut Ericsson from a “buy” rating to a “neutral” rating in a research report on Thursday. Goldman Sachs Group Inc. upgraded Ericsson from a “sell” rating to a “neutral” rating in a research report on Tuesday, June 21st. Finally, Bank of America Corp. reiterated a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $8.32.
Shares of Ericsson (NASDAQ:ERIC) traded down 1.98% during midday trading on Thursday, hitting $5.44. The stock had a trading volume of 35,054,680 shares. The stock has a 50 day moving average of $6.93 and a 200-day moving average of $7.72. Ericsson has a one year low of $5.35 and a one year high of $10.58. The company has a market cap of $17.74 billion, a P/E ratio of 11.29 and a beta of 0.92.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/ericsson-eric-receives-hold-rating-from-canaccord-genuity.html
Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Analysts forecast that Ericsson will post $0.51 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Japan Co. Ltd boosted its stake in shares of Ericsson by 10.5% in the first quarter. BlackRock Japan Co. Ltd now owns 138,435 shares of the company’s stock worth $1,389,000 after buying an additional 13,160 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Ericsson by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 110,628 shares of the company’s stock worth $1,109,000 after buying an additional 18,219 shares during the period. Bessemer Group Inc. boosted its stake in shares of Ericsson by 48.5% in the first quarter. Bessemer Group Inc. now owns 52,008 shares of the company’s stock worth $522,000 after buying an additional 16,985 shares during the period. M&T Bank Corp boosted its stake in shares of Ericsson by 8.4% in the first quarter. M&T Bank Corp now owns 255,524 shares of the company’s stock worth $2,562,000 after buying an additional 19,868 shares during the period. Finally, Folketrygdfondet boosted its stake in shares of Ericsson by 4.2% in the first quarter. Folketrygdfondet now owns 7,443,161 shares of the company’s stock worth $74,655,000 after buying an additional 300,000 shares during the period. 7.29% of the stock is owned by institutional investors and hedge funds.
Ericsson Company Profile
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
Receive News & Ratings for Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ericsson and related companies with MarketBeat.com's FREE daily email newsletter.