Telefonaktiebolaget L M Ericsson Class B

ERIC B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 73.00	Lpmq	Pvfwtjg

Nokia and Ericsson: AT&T Contract Isn’t Game-Changing for Either Firm's Valuation

Matthew Dolgin

Dec 5, 2023

Nokia and Ericsson stocks had sizable moves in opposite directions on Dec. 5 on the news that AT&T intends to deploy Ericsson’s open radio access network, or O-RAN, equipment throughout most of its - network by 2026. At the margins, the news is positive for Ericsson and negative for Nokia, but we think the market has overreacted to how consequential the contract is, and we don’t think this portends further deterioration at Nokia while Ericsson gains share. We are maintaining our EUR 5.50 fair value estimate for Nokia and SEK 95 fair value estimate for Ericsson.

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