Credit Suisse Downgrades Ericsson to Underperform

From Credit Suisse:

« For Ericsson, we slightly adjust our estimates for restructuring charges, amortization of intangibles and FX, along with our cautious view on wireless capex environment. Given higher level of restructuring charges than our earlier expectation along with slower recovery in GMs, we lower our 2016/2017 EPS estimates by 20%/16% to SKr1.85/SKr2.60. For 2018, we introduce an EPS of SKr3.10. With limited visibility on sales and margin recovery, weak and ~20% potential downside, we downgrade shares to Underperform. »

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