Ericsson (NASDAQ:ERIC) Rating Reiterated by Canaccord Genuity

Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating reaffirmed by investment analysts at Canaccord Genuity in a research report issued to clients and investors on Tuesday, July 18th. They presently have a $6.00 price target on the communications equipment provider’s stock.

Several other research analysts have also issued reports on the stock. Citigroup Inc. started coverage on shares of Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. Credit Suisse Group upgraded shares of Ericsson from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 12th. Zacks Investment Research downgraded shares of Ericsson from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Sanford C. Bernstein upgraded shares of Ericsson from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 29th. Finally, Societe Generale started coverage on shares of Ericsson in a research report on Wednesday, June 14th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Ericsson has a consensus rating of “Hold” and an average target price of $5.95.

Shares of Ericsson (NASDAQ:ERIC) traded down 0.33% during trading on Tuesday, hitting $6.00. 2,389,439 shares of the company were exchanged. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.55.

Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.03. The business had revenue of $49.90 billion during the quarter, compared to the consensus estimate of $50.66 billion. Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period last year, the business posted $0.83 EPS. On average, equities research analysts expect that Ericsson will post $0.23 earnings per share for the current fiscal year.

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Large investors have recently bought and sold shares of the company. OLD National Bancorp IN increased its stake in Ericsson by 8.1% in the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock worth $105,000 after buying an additional 1,181 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in Ericsson during the first quarter worth $106,000. Mackenzie Financial Corp purchased a new stake in Ericsson during the first quarter worth $109,000. GenTrust LLC purchased a new stake in Ericsson during the second quarter worth $120,000. Finally, Quantum Capital Management bought a new position in Ericsson during the first quarter worth approximately $112,000. 8.13% 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.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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