UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on LM Ericsson Telephone

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on LM Ericsson Telephone ERIC, and raised its price target from $9.00 to $11.00. BMO Capital Markets noted, “Ericsson results were positive, with both revenues and gross margins beating consensus. The mix was positive, including a temporary increase in CDMA capacity needs. We are expecting a normal seasonal decline in 1Q, and only about 4% revenue growth for 2013. Wireless capex remains low growth, and competition is still intense. The ST-Ericsson loss was in line with our expectations, but remains a question mark.” LM Ericsson Telephone closed on Thursday at $11.60.