Canaccord Genuity Lowers Ericsson (ERIC) Price Target to $5.25
Ericsson (NASDAQ:ERIC) had its price target lowered by analysts at Canaccord Genuity from $6.00 to $5.25 in a research note issued on Friday. The brokerage presently has a “hold” rating on the communications equipment provider’s stock. Canaccord Genuity’s price objective indicates a potential downside of 7.57% from the stock’s current price.
ERIC has been the subject of several other reports. BidaskClub upgraded shares of Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. Citigroup Inc. started coverage on shares of Ericsson in a research note on Thursday, June 8th. They set a “buy” rating for the company. Danske cut shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. J P Morgan Chase & Co restated a “neutral” rating on shares of Ericsson in a research note on Saturday, August 26th. Finally, ValuEngine upgraded shares of Ericsson from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Ericsson has a consensus rating of “Hold” and a consensus price target of $5.76.
Shares of Ericsson (NASDAQ:ERIC) traded down 0.088% on Friday, reaching $5.675. 8,323,644 shares of the company were exchanged. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.47.
Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. During the same quarter last year, the business earned $0.83 earnings per share. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. Analysts predict that Ericsson will post $0.23 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of ERIC. Two Sigma Securities LLC purchased a new stake in Ericsson in the 1st quarter worth $106,000. Mackenzie Financial Corp purchased a new stake in Ericsson in the 1st quarter worth $109,000. GenTrust LLC purchased a new stake in Ericsson in the 2nd quarter worth $120,000. Boyd Watterson Asset Management LLC OH increased its holdings in Ericsson by 1.0% in the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock worth $130,000 after acquiring an additional 174 shares in the last quarter. Finally, Ronald Blue & Co. LLC increased its holdings in Ericsson by 7.0% in the 2nd quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock worth $141,000 after acquiring an additional 1,283 shares in the last quarter. 7.95% of the stock is owned by institutional investors.
Ericsson Company Profile
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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