Zacks Investment Research downgraded shares of LM Ericsson Telephone Company (ERIC) from OUTPERFORM to NEUTRAL on April 05, 2013, with a target price of $13.00.
We have recently downgraded our Outperform rating on Ericsson to Neutral. High demand for wireless devices supports Ericsson's overall growth in the industry. In the last reported quarter, Ericsson reported revenue growth acoss all its operating segments. The Telcordia acquisition has also started reaping benefits for the company by generating $0.9 billion revenue during the last reported quarter. Moreover, Ericsson s earnest attempt to reduce cost is reflected in the company s reduced SG&A expenses. However, currency fluctuations and cost inflation are issues that greatly concern us.
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