Canaccord Genuity Reiterates “Hold” Rating for Telefonaktiebolaget LM Ericsson (ERIC)

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating reiterated by research analysts at Canaccord Genuity in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They presently have a $6.00 target price on the communications equipment provider’s stock, down from their prior target price of $6.50. Canaccord Genuity’s price objective points to a potential downside of 10.58% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Zacks Investment Research lowered Telefonaktiebolaget LM Ericsson from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 9th. BidaskClub lowered Telefonaktiebolaget LM Ericsson from a “sell” rating to a “strong sell” rating in a report on Friday, December 29th. Cowen lowered Telefonaktiebolaget LM Ericsson to an “underperform” rating in a report on Thursday, October 19th. Citigroup lowered Telefonaktiebolaget LM Ericsson from a “buy” rating to a “neutral” rating in a report on Thursday, November 9th. Finally, ValuEngine raised Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $5.49.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) opened at $6.71 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.33 and a current ratio of 1.59. The firm has a market capitalization of $22,372.15, a P/E ratio of -5.41, a P/E/G ratio of 54.00 and a beta of 0.92. Telefonaktiebolaget LM Ericsson has a 1-year low of $5.52 and a 1-year high of $7.47.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its earnings results on Wednesday, January 31st. The communications equipment provider reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.18). The business had revenue of $57.20 billion for the quarter, compared to analyst estimates of $58.24 billion. Telefonaktiebolaget LM Ericsson had a negative return on equity of 11.30% and a negative net margin of 17.57%. The firm’s revenue was down 12.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 earnings per share. analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.09 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of ERIC. Bank of New York Mellon Corp grew its holdings in Telefonaktiebolaget LM Ericsson by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 96,675 shares of the communications equipment provider’s stock valued at $693,000 after buying an additional 2,891 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Telefonaktiebolaget LM Ericsson by 1,827.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 976,103 shares of the communications equipment provider’s stock valued at $6,998,000 after buying an additional 925,455 shares in the last quarter. Northern Trust Corp grew its holdings in Telefonaktiebolaget LM Ericsson by 1.5% in the 2nd quarter. Northern Trust Corp now owns 2,772,399 shares of the communications equipment provider’s stock valued at $19,878,000 after buying an additional 41,831 shares in the last quarter. FMR LLC grew its holdings in Telefonaktiebolaget LM Ericsson by 46.3% in the 2nd quarter. FMR LLC now owns 2,464,210 shares of the communications equipment provider’s stock valued at $17,668,000 after buying an additional 779,620 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in Telefonaktiebolaget LM Ericsson by 3.7% in the 2nd quarter. M&T Bank Corp now owns 65,391 shares of the communications equipment provider’s stock valued at $468,000 after buying an additional 2,326 shares in the last quarter. 8.07% of the stock is currently owned by hedge funds and other institutional investors.

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About Telefonaktiebolaget LM 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 Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

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