Charter Equity Keeps a Buy Rating on Telefonaktiebolaget LM Ericsson (ERIC)

By Austin Angelo

Charter Equity analyst Edward F. Snyder maintained a Buy rating on Telefonaktiebolaget LM Ericsson (ERICResearch Report) on September 18. The company’s shares closed last Monday at $10.64.

According to TipRanks.com, Snyder is a 5-star analyst with an average return of 21.2% and a 64.8% success rate. Snyder covers the Technology sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Broadcom.

Currently, the analyst consensus on Telefonaktiebolaget LM Ericsson is a Strong Buy with an average price target of $12.47, which is a 15.1% upside from current levels. In a report issued on September 18, Raymond James also maintained a Buy rating on the stock with a $12.00 price target.

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Based on Telefonaktiebolaget LM Ericsson’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $55.58 billion and net profit of $2.45 billion. In comparison, last year the company earned revenue of $54.81 billion and had a net profit of $1.71 billion.

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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.