Barclays analyst Joseph Zhou downgraded Ericsson to Underweight from Equal Weight with a price target of SEK 55, down from SEK 65. The analyst says telecom equipment vendors saw their North American RAN revenue almost halve last year. This downcycle is not over with 5G base station data suggesting a major slowdown in India, the analyst tells investors in a research note. The firm says longer-term structural risk has also increased following AT&T’s decision to deploy Open RAN.
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