Canaccord Genuity Reiterates Their Buy Rating on Telefonaktiebolaget LM Ericsson (ERIC)

By Ryan Adsit

In a report released yesterday, Michael Walkley from Canaccord Genuity reiterated a Buy rating on Telefonaktiebolaget LM Ericsson (ERICResearch Report), with a price target of $11.00. The company’s shares closed last Monday at $7.60.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 13.8% and a 59.7% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Adesto Technologies, and Digi International.

Currently, the analyst consensus on Telefonaktiebolaget LM Ericsson is a Strong Buy with an average price target of $11.00.

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Telefonaktiebolaget LM Ericsson’s market cap is currently $24.63B and has a P/E ratio of 87.00. The company has a Price to Book ratio of 4.69.

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Telefonaktiebolaget LM Ericsson engages in the provision of telecommunications equipment and related services to mobile and fixed network operators. It operates through the following segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment supports all radio-access technologies and offer hardware, software and related services for both radio access and transport. The Digital Services segment provides software and services in the areas of digital business support systems, operational support systems, cloud communication, cloud core, and cloud infrastructure. The Managed Services segment includes networks and information technology managed services, network design and optimization, and application development and maintenance. The Emerging Business and Other segment encompasses emerging business, Iconectiv, Red Bee Media, and Media Solutions. The company was founded by Lars Magnus Ericsson in 1876 and is headquartered in Kista, Sweden.