Canaccord Genuity Trims Ericsson (ERIC) Target Price to $5.25
Ericsson (NASDAQ:ERIC) had its target price reduced by Canaccord Genuity from $5.75 to $5.25 in a research note published on Monday. Canaccord Genuity currently has a hold rating on the communications equipment provider’s stock.
“KMB printed a low-quality 3Q EPS beat ($1.60 vs. $1.54), incl. modest org sales growth (low end of flat/+1% mkt expectations, +1.7% Street), a GM % miss, and $0.08 from other inc./lower taxes. KMB maintained its (ambitious) FY17 org sales guide of flat/up modestly and EPS guide at low-end of $6.20-$6.35 range (Street $6.20).”,” Canaccord Genuity’s analyst commented.
ERIC has been the topic of a number of other reports. BidaskClub raised Ericsson from a buy rating to a strong-buy rating in a research report on Friday, July 14th. J P Morgan Chase & Co reaffirmed a neutral rating on shares of Ericsson in a research report on Saturday, August 26th. Danske lowered Ericsson from a buy rating to a hold rating in a research report on Thursday, August 31st. Zacks Investment Research lowered Ericsson from a hold rating to a strong sell rating in a research report on Friday, October 6th. Finally, BNP Paribas raised Ericsson from a neutral rating to an outperform rating in a research report on Thursday, September 21st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Ericsson presently has a consensus rating of Hold and an average target price of $5.34.
Shares of Ericsson (ERIC) opened at 6.12 on Monday. The stock’s market cap is $20.05 billion. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.47. The company’s 50-day moving average price is $5.84 and its 200-day moving average price is $6.41.
Ericsson (NASDAQ:ERIC) last announced its earnings results on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The company had revenue of $47.80 billion for the quarter, compared to analyst estimates of $47.21 billion. Ericsson had a negative return on equity of 5.67% and a negative net margin of 8.60%. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. Analysts expect that Ericsson will post $0.04 earnings per share for the current year.
A number of large investors have recently bought and sold shares of ERIC. Credit Suisse AG raised its position in Ericsson by 912.8% during 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 during the period. Westfield Capital Management Co. LP acquired a new position in Ericsson during the second quarter valued at $15,331,000. Wellington Management Group LLP acquired a new position in Ericsson during the first quarter valued at $14,129,000. Sei Investments Co. raised its position in Ericsson by 215.4% during the second quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock valued at $21,412,000 after buying an additional 2,039,348 shares during the period. Finally, Folketrygdfondet raised its position in Ericsson by 26.8% during the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock valued at $60,461,000 after buying an additional 1,780,000 shares during the period. 7.96% of the stock is currently owned by hedge funds and other 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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