Nomura Securities Maintains a 'Buy' on Ericsson (ERIC); First Look at Sony Ericsson’s Q3 Results

Nomura Securities maintains a 'Buy' on Ericsson (NASDAQ: ERIC), Price target SEK 83.

Nomura analyst, Stuart Jeffrey, said, "Sony Ericsson revenue beat our expectations by 15%, driven by 8% stronger-than-expected unit sales and 6% higher-than-expected ASP. Revenue declines continued, although at a much lower rate than in past quarters. Gross margins disappointed at 27%, partially driven by inventory adjustments and a shift in the geographical mix but also partly by competitive pressures in our view. Management reiterated guidance of modest industry growth in units and did not make any references to the supposed sale of Ericsson’s stake to Sony (NYSE: SNE) (source: WSJ)."

For more ratings news on Ericsson click here and for the rating history of Ericsson click here.

Shares of Ericsson closed at $10.33 yesterday.

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