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Ericsson logging biggest one-day gain since 2002; Cowen upgrades

Published 04/20/2018, 03:19 PM
© Reuters.  Ericsson logging biggest one-day gain since 2002; Cowen upgrades
ERICAs
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ERIC
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  • Investors in Ericsson (BS:ERICAs) (ERIC +16.9%) who've stuck through a mediocre year are breathing with relief today as the stock joins today's top tech gainers, with its biggest single-day move up since 2002.
  • Cost cuts are kicking in at the telecom firm, which beat expectations and sharply narrowed its losses even though sales fell yet again (by 9%).
  • Analysts expected a net loss of 1.74B kronor; Ericsson logged a loss of 837M kronor (vs. a loss of 10.1B kronor a year ago).
  • Cowen responded by upgrading ADRs to Market Perform from a previous Underperform. The firm boosted its price target to $7 from $3; after closing yesterday at $6.65, ERIC is up to $7.76 today.
  • Earnings call slides
  • Earnings call transcript
  • Now read: LM Ericsson Telephone Company 2018 Q1 - Results - Earnings Call Slides


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