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Upgrade Alert for Ericsson (ERIC)

By Shiri Gupta

Ericsson (NASDAQ:ERIC) was upgraded from Underperform to Neutral at Credit Suisse today. The stock closed yesterday at $6.90 on volume of 2.6 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, shares of Ericsson have traded between a low of $6.68 and a high of $13.14 and closed yesterday at $6.90, which is 3% 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%.

Ericsson has overhead space with shares priced $6.90, or 40.7% below the 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.

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 17.6%. 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