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Upgrade Alert for Ericsson (ERIC)

By David Diaz

Ericsson (NASDAQ:ERIC) was upgraded from Underweight to Equal Weight at Barclays Capital today. The stock closed yesterday at $7.44 on volume of 2.0 million shares, below average daily volume of 5.4 million.

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.

In the past 52 weeks, Ericsson share prices have been bracketed by a low of $7.03 and a high of $13.14 and closed yesterday at $7.44, 6% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.6%.

There is potential upside of 56.5% for shares of Ericsson based on a current price of $7.44 and an average consensus analyst price target of $11.65. Ericsson shares should first meet resistance at the 50-day moving average (MA) of $9.30 and find additional resistance at the 200-day MA of $9.56.

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 11.9%. 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