Telefonaktiebolaget LM Ericsson’s (ERIC) Startup 5G program’s client base has grown. AT&T (T) becomes the first U.S. service provider to join the program as it pursues opportunities in the $3.7 trillion 5G consumer market. ERIC shares fell 2.42% to close at $10.06 on February 21.
Ericsson designs, develops, and sells communication network equipment. It also offers telecom services and support solutions. Its portfolio comprises of products for the enterprise, mobile platform, and cable and power module markets.
Startup 5G Program
The Startup 5G program is designed to support the development of go-to-market strategies for targeting opportunities in the 5G consumer market. It also makes it easy to explore and identify innovative capabilities spanning multiple consumer segments.
Ericsson’s innovative 5G program will grant AT&T access to more than 40 global startups. The wireless career should be able to make use of actionable consumer insights and connect with innovation partners as a result.
By tapping into the innovative 5G program, AT&T hopes to bring new consumer experiences to life using augmented reality and virtual reality technologies.
Last month, Cowen & Co. analyst Paul Silverstein reiterated a Buy rating on Ericsson stock and lowered the price target to $16 from $18, implying 59.05% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 3 Buys and 2 Holds. The average Ericsson price target of $14.63 implies 45.43% upside potential to current levels.
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