Challenged by weak demand and market share loss, Ericsson turns inward to search for efficiencies.
We have taken a fresh look into Ericsson and will reduce our fair value estimate to $7.50 from $9 as we are less optimistic about medium- to long-term gross margin expansion. We believe that the announced measures to improve short-term profitability at Ericsson will not be enough for the company to generate outstanding returns on capital in the long run. We think Ericsson requires a more fundamental change in its cost structure to underpin any short-term gross margin improvements. Similarly, the...
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