Ericsson re-initiated with an Underperform at Exane BNP Paribas

Exane BNP Paribas re-initiated coverage of Ericsson with an Underperform rating and SEK 60 price target. The analyst expects the company’s growth to be “anemic” in 2024 and over the next three years. The firm says we are at the tail end of the 5G investment cycle where both revenues and multiples “tend to deteriorate.”