Ericsson Finally Sees the Light as Cost-Cutting Efforts Pay Off; Maintain $7.50 Fair Value Estimate
Ericsson’s first quarter exhibited substantial cost-cutting efforts and perhaps a bit of a long-awaited turnaround, with both robust gross margin expansion and early signs of 5G spending this year. Restructuring aside, Ericsson also found an upside with Networks sales growth in North America, Middle East and Africa, and Europe and Latin America. While the Chinese market has slowed due to falling LTE investments, the firm’s sales into North America are gaining momentum as it primes for 5G. We wil...
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