Telefonaktiebolaget LM Ericsson (ERIC) Upgraded to Buy by Bank of America

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Bank of America upgraded shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) from a neutral rating to a buy rating in a report published on Wednesday, Benzinga reports. Bank of America currently has $9.85 target price on the communications equipment provider’s stock.

Other equities research analysts have also issued reports about the company. BidaskClub upgraded Telefonaktiebolaget LM Ericsson from a hold rating to a buy rating in a research report on Saturday, April 13th. ValuEngine lowered Telefonaktiebolaget LM Ericsson from a strong-buy rating to a buy rating in a research report on Saturday, May 4th. Cowen restated a hold rating and set a $10.00 price objective on shares of Telefonaktiebolaget LM Ericsson in a research report on Sunday, April 21st. Finally, Zacks Investment Research upgraded Telefonaktiebolaget LM Ericsson from a strong sell rating to a hold rating in a research report on Tuesday, April 16th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $9.37.

Shares of ERIC opened at $10.05 on Wednesday. The stock has a market capitalization of $32.34 billion, a P/E ratio of 335.00 and a beta of 0.55. Telefonaktiebolaget LM Ericsson has a 1-year low of $7.16 and a 1-year high of $10.46. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.05 and a current ratio of 1.32.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Wednesday, April 17th. The communications equipment provider reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.05. Telefonaktiebolaget LM Ericsson had a positive return on equity of 3.79% and a negative net margin of 1.46%. The firm had revenue of $48.90 billion during the quarter, compared to analyst estimates of $48.35 billion. During the same period last year, the company posted $0.11 EPS. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. As a group, equities analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.38 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. acquired a new stake in Telefonaktiebolaget LM Ericsson during the 1st quarter worth about $35,000. Canton Hathaway LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson during the 1st quarter valued at about $36,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Telefonaktiebolaget LM Ericsson during the 1st quarter valued at about $40,000. Advisors Asset Management Inc. acquired a new stake in shares of Telefonaktiebolaget LM Ericsson during the 4th quarter valued at about $42,000. Finally, Contravisory Investment Management Inc. acquired a new stake in shares of Telefonaktiebolaget LM Ericsson during the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 8.01% of the company’s stock.

About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business 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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