The analyst firm Jefferies upgraded Ericsson from “Hold” to “Buy” and raised the price target from 58 to 70 Swedish krona.
The major order from AT&T means healthy growth in the network business for the Swedes in the coming years, wrote analyst Janardan Menon in a study available on Friday. Gross margins are expected to increase gradually in 2024 due to a favorable regional mix and cost reductions. The valuation is attractive. For Nokia, however, the major order from AT&T awarded to its competitor Ericsson means headwind.
On the Stockholm stock exchange, Ericsson shares temporarily gained 1.55 percent to SEK 58.77.
NEW YORK (dpa-AFX Broker)
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