(News Bulletin 247) – Oddo BHF reaffirms its ‘underperforming’ opinion on Ericsson and lowers its price target from 55 to 50 Swedish crowns, in the wake of a lowering of its EPS forecasts by 8% on average over 2023 /24, saying ‘clearly below the 2024 target’.
“While we thought (like the consensus) that the first quarter could be the low point, the second quarter of 2023 will be more complicated than expected both in terms of growth and profitability”, estimates the analyst the day after the quarterly .
According to him, a valuation of the Swedish telecom equipment manufacturer in line with its history of seven times 2023 EBITDA, “is not attractive enough to take a bet on reaching the low point now”.
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