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Upgrade Alert for Ericsson (ERIC)

By Shiri Gupta

Ericsson (NASDAQ:ERIC) was upgraded from Sell to Neutral at Goldman Sachs today. The stock closed yesterday at $7.92 on volume of 6.4 million shares, above average daily volume of 5.4 million.

There is potential upside of 47.0% for shares of Ericsson based on a current price of $7.92 and an average consensus analyst price target of $11.65. The stock should run into initial resistance at its 50-day moving average (MA) of $9.30 and subsequent resistance at its 200-day MA of $9.56.

Telefonaktiebolaget LM Ericsson develops and manufactures products for wired and mobile communications in public and private networks. The Company produces mobile telephones through its Sony Ericsson joint venture. Ericsson manufactures and installs wired and wireless communications systems, wireless microwave links, call center equipment, microelectronics, and radar systems.

Over the past year, Ericsson has traded in a range of $7.21 to $13.14 and closed yesterday at $7.92, 10% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ericsson on April 21st, 2016 by issuing a Downtrend alert when the shares were trading at $8.41. Since that call, shares of Ericsson have fallen 6.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Ericsson

Ticker(s): ERIC