4.27%XLF 16.00 10.11%QQQQ 32.65 6.34%
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NEW YORK - An analyst cut his cellular handset forecast for LM Ericsson Telephone Co. Monday, saying global market growth will likely cool and the company may lose market share.
| ERIC | 7.05 |  -0.74 |
Piper Jaffray analyst T. Michael Walkley cut his 2008 handset estimate to 96 million from 100 million units.
He kept a "Neutral" rating on the Swedish company, but lowered his price target to $12 from $12.50. The new target implies he expects the stock to rise about 3 percent over Friday's $11.69 close.
Worldwide, Walkley now expects the handset market to grow 10.1 percent, compared with a previous 11.5 percent estimate.
"We believe Sony Ericsson's market share could decline due to strong growth in the low-end market where Sony Ericsson has limited share," Walkley said in a note to clients.
Shares of the company trading on U.S. exchanges have gained less than 1 percent so far this year.
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