Ericsson (ERIC) Stock Rating Reaffirmed by Canaccord Genuity
Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating reaffirmed by equities researchers at Canaccord Genuity in a research note issued to investors on Thursday. They presently have a $5.50 target price on the stock, down from their prior target price of $7.00. Canaccord Genuity’s price objective indicates a potential upside of 1.29% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the company. Barclays PLC upgraded Ericsson from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 6th. Bank of America Corp. reiterated a “hold” rating on shares of Ericsson in a research note on Tuesday, July 26th. BMO Capital Markets reiterated a “hold” rating and set a $7.00 price objective on shares of Ericsson in a research note on Monday, July 25th. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a research note on Monday, June 20th. Finally, BNP Paribas restated a “hold” rating on shares of Ericsson in a research note on Wednesday, September 28th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.21.
Shares of Ericsson (NASDAQ:ERIC) opened at 5.43 on Thursday. The firm’s 50-day moving average is $6.87 and its 200-day moving average is $7.69. Ericsson has a 1-year low of $5.35 and a 1-year high of $10.56. The firm has a market cap of $17.71 billion, a P/E ratio of 11.27 and a beta of 0.92.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. On average, analysts anticipate that Ericsson will post $0.51 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Genesee Valley Trust Co. raised its stake in Ericsson by 2.9% in the third quarter. Genesee Valley Trust Co. now owns 36,455 shares of the company’s stock valued at $263,000 after buying an additional 1,023 shares during the period. Capstone Asset Management Co. raised its stake in Ericsson by 1.0% in the third quarter. Capstone Asset Management Co. now owns 270,597 shares of the company’s stock valued at $1,951,000 after buying an additional 2,790 shares during the period. Telemus Capital LLC raised its stake in Ericsson by 6.1% in the third quarter. Telemus Capital LLC now owns 26,638 shares of the company’s stock valued at $192,000 after buying an additional 1,525 shares during the period. Sterling Capital Management LLC raised its stake in Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the company’s stock valued at $110,000 after buying an additional 2,931 shares during the period. Finally, FDx Advisors Inc. raised its stake in Ericsson by 4.1% in the second quarter. FDx Advisors Inc. now owns 42,388 shares of the company’s stock valued at $326,000 after buying an additional 1,671 shares during the period. 7.29% of the stock is currently owned by institutional investors.
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.
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