AmTech Starts Ericsson (ERIC) at Neutral; $12 PT
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American Technology Research initiates coverage on LM Ericsson (Nasdaq: ERIC) with a Neutral rating and $12 price target.
The firm said it is attracted to Ericsson based on its valuation and strong long-term fundamentals, but notes that the company will likely face challenges in the near-term. AmTech said it would become more aggressive on stock if capacity upgrades for 3G phones become more widespread.
On a longer-term basis, AmTech believes Ericsson will maintain its position as the worldwide market share leader in wireless infrastructure given "the coming infrastructure build in China, and the initial 4G/LTE build in 2009/2010", in addition to the already mentioned expected capacity upgrades for 3G handsets. The firm notes that Ericcson currently holds about 40% of the global market share for wireless.
Telefonaktiebolaget LM Ericsson is a provider of telecommunications equipment and related services to operators of mobile and fixed networks worldwide.
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