reports
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
Telefonaktiebolaget L M Ericsson: 1 director
A director at Telefonaktiebolaget L M Ericsson bought 62,100 shares at 57.256SEK and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
- Matthew Bryson
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
DELL DELL TECHNOLOGIES INC CLASS C
SMCI SUPER MICRO COMPUTER
STX INC.
SEAGATE TECHNOLOGY HLDGS PLC
- Wedbush Research
2454 MEDIATEK INC.
VMW VMWARE INC. CLASS A
QRVO QORVO INC.
SHAK SHAKE SHACK INC. CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WLDN WILLDAN GROUP
WFC WELLS FARGO & COMPANY
WEN WENDY'S COMPANY
WDC WESTERN DIGITAL CORPORATION
TXRH TEXAS ROADHOUSE INC.
SQ SQUARE INC. CLASS A
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RWT REDWOOD TRUST INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
FTNT FORTINET INC.
EXPE EXPEDIA GROUP INC.
CYBR CYBERARK SOFTWARE LTD.
CROX CROCS INC.
AXTI AXT INC.
ARDX ARDELYX INC
WD WALKER & DUNLOP INC.
BJRI BJ'S RESTAURANTS INC.
GRBK GREEN BRICK PARTNERS
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
CELH CELSIUS HOLDINGS INC.
VTR VENTAS INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
PEAK HEALTHPEAK PROPERTIES INC.
SMCI SUPER MICRO COMPUTER
RKT INC.
ABNB ROCKET COMPANIES
ELEV AIRBNB INC. CLASS A
LBPH ELEVATION ONCOLOGY
MRVL LONGBOARD PHARMACEUTICALS
STX MARVELL TECHNOLOGY INC
GFS SEAGATE TECHNOLOGY HLDGS PLC
COIN GLOBALFOUNDRIES INC
DBD COINBASE GLOBAL INC
NCR DIEBOLD NIXDORF INC
NCR NIGERIA
- Matthew Bryson
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
DELL DELL TECHNOLOGIES INC CLASS C
SMCI SUPER MICRO COMPUTER
STX INC.
SEAGATE TECHNOLOGY HLDGS PLC
- Joachim Gunell
Ericsson (Buy, TP: SEK70.00) -
Despite a delay in our mix-driven earnings and FCF rebound case, Ericsson’s Q1 gross margin showed early signs of trends we believe should accelerate through 2024 and ultimately drive Infront consensus EPS revisions closer to our full-year adj. EBITA (17% above consensus), potentially triggering a re-rating. In our view, Ericsson’s soft market outlook commentary and implicit Q2 guidance should be seen in light of its ongoing union negotiations in Sweden amid lay-offs. We reiterate our BUY and SE...
- Salome Charamalet
- Stefano Toffano
- Salome Charamalet
- Stefano Toffano
- Maissa Keskes
- Stephane Houri
Ericsson : Uncertainties persist in 2024, but an improvement in margin...
>Underperform rating maintained, target price raised to SEK 52 vs SEK 50 - Following the publication of Q1 2024 results, we have raised our forecast for 2024 EPS by 7%, and our target price to SEK 52 vs SEK 50. The market and the timing of the recovery remains very uncertain. Furthermore, the group has not yet settled its cases with the US DoJ, meaning the threat of a further fine still hangs over it. Based on our new estimates, the valuation is relatively undemanding...
- Maissa Keskes
- Stephane Houri
Ericsson : Les incertitudes persistent en 2024, mais amélioration des ...
>Opinion Sous-performance maintenue, OC relevé à 52 SEK vs 50 SEK - Suite à la publication des résultats T1 24, nous relevons notre BPA 2024e de 7%, ainsi que notre OC à 52 SEK vs 50 SEK. Le marché et le timing de sa reprise reste très incertain. De surcroit, le groupe n’a pas encore réglé ses affaires juridiques avec le DoJ Américain, laissant peser la menace d’une amende supplémentaire. Sur la base de nos nouvelles estimations, la valorisation est assez peu exigeant...
- Pierre FerraguÊ
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2024
We are initiating coverage of the mining equipment segment with Metso on Outperform, Sandvik on Neutral and Epiroc on Underperform. We have adopted a cautious scenario with demand stable or slightly up in the short term (mining business sales up +3% on average between 2024 and 2026), pending positive signals indicating a rebound in greenfield investments (not before 2027, in our view). In this scenario, we think that Metso should confirm the progress achieved in 2023 (margin improveme...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/04/2024
Nous initions le segment des équipementiers miniers avec Metso à Surperformance, Sandvik à Neutre et Epiroc à Sous-performance. Nous adoptons un scénario prudent avec une demande stable ou en légère hausse à court terme (CA des activités minières en hausse moyenne de 3% entre 2024 et 2026), dans l’attente de signaux positifs indiquant un rebond des investissements greenfield (pas avant 2027 selon nous). Dans ce scénario, nous estimons que Metso devrait confirmer les progrès réalisés e...
- Pierre FerraguÊ
- Maissa Keskes
- Stephane Houri
Ericsson : Better than expected margins in Q1 with few one-time elemen...
>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...
- Maissa Keskes
- Stephane Houri
Ericsson : Better than expected margins in Q1 with few one-time elemen...
>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...
- Matthew Bryson
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
DELL DELL TECHNOLOGIES INC CLASS C
SMCI SUPER MICRO COMPUTER
STX INC.
SEAGATE TECHNOLOGY HLDGS PLC
- Joachim Gunell
Ericsson (Buy, TP: SEK70.00) - Rebound case pushed back
The steep slowdown in India deployments, postponed recovery in the US profit centre, another round of layoffs, and a new CFO leaves our Q1e adjusted EBITA 13% below post-Q4 Infront consensus and raises the risk of another reduction in consensus EPS. We reiterate our BUY but have cut our target price to SEK70 (76), having lowered our 2024–2025e EPS by 7–5% as we still see an attractive risk/reward story for H2e, with the share price reflecting much negative news (close to five-year lows) on posit...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 4Q23
We publish today our comprehensive quarterly bible: 212 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
MBLY ASML HOLDING NV
AMD MOBILEYE NV
AAPL ADVANCED MICRO DEVICES INC.
AVGO APPLE INC.
SOH1 BROADCOM INC.
BESI SOITEC
IFX UBER TECHNOLOGIES INC.
UBER ERICSSON
ERIC.B ERICSSON LM-B SHS
ERIC-B GRABTAXI HOLDINGS PTE LTD
ERICB EU WOLFSPEED INC
0967655D GRAB HLDGS LTD
WOLF ARM HOLDINGS PLC
GRAB ARMEYSKI HLDG AD
- Bruno Cavalier
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2024
Our 8th TMT Forum, held again in virtual format, was attended by 46 listed companies and around 399 investors (+30%). The tone was generally upbeat, with key markets still showing positive momentum, notably in advertising. For semiconductors, the exposure to AI is positive, the rest is more muted. In IT Services, business has remained weak QTD. Nevertheless, clients are constructive and committed to their digital transformation. On telecoms, there was confirmation most markets are ret...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
TIT TELECOM ITALIA S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AM DASSAULT AVIATION
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