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European Telecom: Bernstein Bullish on Equipment, Bearish on Handsets

Posted on July 01, 2008

Bernstein Research analyst Pierre Ferragu today launched coverage of the European telecommunications equipment sector. He is bullish on the networking sector, but negative on devices. Ergo, he launched Ericsson (ERIC) with an Outperform rating, Alcatel-Lucent (ALU) at Market Perform and starts Nokia (NOK) at Underperform. Ferragu sees network equipment sales growing 7% a year through 2012, up from 4% on average from 2002 to 2007 as a result of the explosion of data traffic, which he sees grow 75% a year, and continued growth in voice traffic of about 20% a year. We also expect profita...

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