Ericsson: 2Q Preview: Market growth and component costs a concern. Positioning means meeting expectations will be taken positively

研报英文原文证据摘录

Ericsson: 2Q Preview: Market growth and component costs a concern. Positioning means meeting expectations will be taken positively

J P M O R G A N Europe Equity Research

07 July 2026

Ericsson

2Q Preview: Market growth and component costs a Neutral

concern. Positioning means meeting expectations will

ERICb.ST, ERICB SS

be taken positively Price (06 Jul 26):Skr106.40

Price Target (Jun-27):Skr102.00

• Continued subdued growth due to continued weakness in US mobile Neutral

investments: While Ericsson indicated their view on the US market is not as

ERIC, ERIC US

bearish as Dell’Oro, the company still sees sales in North America declining Price (06 Jul 26):$10.89

in line with Q1 (down mid-single digit) - most likely the result of US

Price Target (Jun-27):$11.40

investments slowing as most of the 5G rollout is done. Offsetting some of this

decline is the co.’s share gain in AT&T. The European and Indian markets

could, however, drive some growth, the timing is uncertain. European Tech Hardware &

Payments

• Ericsson has shown profitability resiliency but the environment is AC

increasingly challenging. The company has consistently delivered in Sandeep Deshpande

profitability in past results driven by better operating efficiency and a model (44-20) 7134-5276

sandeep.s.deshpande@jpmorgan.com

less prone to changes in regional mix coupled with ongoing restructuring

Craig A McDowell

actions. However, semiconductor and other component costs are increasing

(44-20) 7742-4576

across the board and could make it more challenging for Ericsson. The craig.mcdowell@jpmorgan.com

company has indicated that cost pressures are being managed through a mix of Anthony Girard

burden-sharing and supply-chain initiatives. However, customer price (44-20) 3493-6469