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Lehman: Ericsson Now a Hold

Lehman Brothers downgraded Ericsson (ERICY) to hold from buy.

Analyst Tim Luke says while he is concerned about the near term outlook for Ericsson, he believes the company remains well positioned in the longer term, with outstanding 2G/2.5G/3G wireless infrastructure markets. But with limited visibility into a handset market recovery, and the possibility of slower growth in infrastructure sales in the U.S. and Europe in 2001, Luke believes shares may remain in the range of $8-$11 over the next several quarters of 2001.

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