Telefonaktiebolaget LM Ericsson (ERIC) Upgraded to Buy by Argus

Argus upgraded shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) from a hold rating to a buy rating in a research report sent to investors on Friday morning, MarketBeat reports.

ERIC has been the topic of several other reports. Zacks Investment Research lowered shares of Telefonaktiebolaget LM Ericsson from a hold rating to a sell rating in a research note on Monday, July 23rd. Credit Suisse Group raised shares of Telefonaktiebolaget LM Ericsson from an underperform rating to a hold rating and raised their price target for the company from $7.19 to $8.00 in a research note on Wednesday, September 19th. BidaskClub lowered shares of Telefonaktiebolaget LM Ericsson from a buy rating to a hold rating in a research note on Wednesday, October 3rd. ValuEngine raised shares of Telefonaktiebolaget LM Ericsson from a buy rating to a strong-buy rating in a research note on Thursday. Finally, DZ Bank reaffirmed a $8.27 rating on shares of Telefonaktiebolaget LM Ericsson in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Telefonaktiebolaget LM Ericsson currently has an average rating of Hold and an average target price of $8.08.

Shares of ERIC stock traded up $0.16 during mid-day trading on Friday, hitting $9.36. 20,247,625 shares of the stock were exchanged, compared to its average volume of 5,477,517. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.33. Telefonaktiebolaget LM Ericsson has a 52-week low of $5.84 and a 52-week high of $9.45. The firm has a market cap of $30.67 billion, a P/E ratio of -19.91 and a beta of 0.77.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its earnings results on Wednesday, July 18th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.03). Telefonaktiebolaget LM Ericsson had a negative return on equity of 0.42% and a negative net margin of 9.26%. The firm had revenue of $49.80 billion for the quarter, compared to analysts’ expectations of $48.09 billion. During the same period in the previous year, the company earned $0.17 earnings per share. The company’s revenue was down 1.0% compared to the same quarter last year. On average, analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.19 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its stake in Telefonaktiebolaget LM Ericsson by 26.0% in the 3rd quarter. Bank of Montreal Can now owns 73,782 shares of the communications equipment provider’s stock valued at $650,000 after buying an additional 15,243 shares in the last quarter. Northern Trust Corp lifted its stake in Telefonaktiebolaget LM Ericsson by 2.3% in the 2nd quarter. Northern Trust Corp now owns 2,807,265 shares of the communications equipment provider’s stock worth $21,531,000 after purchasing an additional 62,247 shares in the last quarter. Verition Fund Management LLC purchased a new position in Telefonaktiebolaget LM Ericsson in the 2nd quarter worth approximately $515,000. Millennium Management LLC purchased a new position in Telefonaktiebolaget LM Ericsson in the 2nd quarter worth approximately $8,245,000. Finally, Tower Research Capital LLC TRC purchased a new position in Telefonaktiebolaget LM Ericsson in the 2nd quarter worth approximately $206,000. 8.18% of the stock is currently owned by hedge funds and other institutional investors.

Telefonaktiebolaget LM Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for networks, IT and cloud, and media markets worldwide. It operates through four segments: Networks, Digital Services, Managed Services, and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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Analyst Recommendations for Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

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