Ericsson (ERIC) Earns “Neutral – Hold” Rating from Canaccord Genuity
Ericsson (NASDAQ:ERIC)‘s stock had its “neutral – hold” rating reaffirmed by research analysts at Canaccord Genuity in a research note issued on Friday. They presently have a $7.00 price target on the communications equipment provider’s stock. Canaccord Genuity’s target price indicates a potential downside of 1.82% from the company’s current price.
Other analysts also recently issued reports about the company. Bank of America Corporation reissued a “buy” rating on shares of Ericsson in a research note on Friday, June 2nd. Citigroup Inc. started coverage on Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating for the company. Goldman Sachs Group, Inc. (The) raised Ericsson from a “sell” rating to a “buy” rating and increased their price objective for the stock from $5.70 to $7.80 in a research note on Thursday, March 9th. Societe Generale started coverage on Ericsson in a research note on Wednesday, June 14th. They issued a “hold” rating for the company. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Ericsson in a research note on Friday, March 17th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $6.20.
Ericsson (ERIC) traded down 0.56% on Friday, reaching $7.13. The company’s stock had a trading volume of 895,368 shares. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.89.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Tuesday, April 25th. The communications equipment provider reported ($0.27) EPS for the quarter, missing the consensus estimate of $0.03 by $0.30. The company had revenue of $46.40 billion during the quarter, compared to analysts’ expectations of $47.36 billion. Ericsson had a negative return on equity of 1.32% and a negative net margin of 4.93%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.87 earnings per share. On average, analysts forecast that Ericsson will post $0.30 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in ERIC. Credit Suisse AG raised its position in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares in the last quarter. FMR LLC raised its position in Ericsson by 200.2% in the fourth quarter. FMR LLC now owns 4,483,260 shares of the communications equipment provider’s stock valued at $26,137,000 after buying an additional 2,989,600 shares in the last quarter. Primecap Management Co. CA raised its position in Ericsson by 2.9% in the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock valued at $543,829,000 after buying an additional 2,290,675 shares in the last quarter. Wellington Management Group LLP acquired a new position in Ericsson during the first quarter valued at about $14,129,000. Finally, Dodge & Cox acquired a new position in Ericsson during the fourth quarter valued at about $11,480,000. 8.08% of the stock is owned by institutional investors.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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