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.

About Ericsson

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.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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