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COMMUNICATIONS: Ericsson Curve Moves Slightly Wider

COMMUNICATIONS
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  • Ericsson spreads have shifted from slightly tighter in early streaming to slightly wider (up to +2bp) since the equity opened; equity analyst takes look broadly in line with ours, albeit with less consideration for the expanded cash position.
  • We had flagged before Christmas that scope for further outperformance against Nokia seemed lower (https://mni.marketnews.com/3PMIq1F) and the Nokia long-end has outperformed since then.
  • We think that today’s Ericsson results don’t speak to post-earnings outperformance like we saw last year save for a significant miss in Nokia’s results on 30 Jan.

 

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  • Ericsson spreads have shifted from slightly tighter in early streaming to slightly wider (up to +2bp) since the equity opened; equity analyst takes look broadly in line with ours, albeit with less consideration for the expanded cash position.
  • We had flagged before Christmas that scope for further outperformance against Nokia seemed lower (https://mni.marketnews.com/3PMIq1F) and the Nokia long-end has outperformed since then.
  • We think that today’s Ericsson results don’t speak to post-earnings outperformance like we saw last year save for a significant miss in Nokia’s results on 30 Jan.

 

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