-Brokers split on Ericsson.
NORDIC BUSINESS REPORT-October 25, 2010--Brokers split on Ericsson(C)2010 M2 COMMUNICATIONS http://www.m2.com
25 October 2010 - Three brokers have lowered their share price targets on Swedish telecoms equipment giant Ericsson AB (STO: ERIC B) (NASDAQ: ERIC), while another three have raised their targets.
UBS and Natixis have both cut their targets on Ericsson to SEK80 from SEK83, keeping their "neutral" ratings on the stock. Goldman Sachs has lowered its target to SEK95 from SEK96 but has reaffirmed its "buy" recommendation.
At the same time, Baird has upgraded its price target on Ericsson to USD11 from USD10, Citigroup -- to SEK82 from SEK81 and Jyske Bank -- to SEK70 from SEK65. The brokers have maintained their ratings at "neutral", "hold" and "sell", respectively.
Last Friday, Ericsson said its net profit surged to SEK3.553bn in the third quarter of 2010 from SEK772m a year earlier and sales increased 2% to SEK47.481bn.
By 09:17 CET today, the B-series shares in Ericsson had gained 0.40% to SEK75.20 on the stock exchange in Stockholm. The company's American depository receipt (ADR) closed at USD11.48, up by 6.59% from opening, last Friday on the Nasdaq stock market.
(EUR1 = SEK9.2; EUR1 = USD1.4)
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|Publication:||Nordic Business Report|
|Date:||Oct 25, 2010|
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