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Friday, September 12, 2008
Ericsson Cut To Underweight By J.P. Morgan
Steve Goldstein
MarketWatch Pulse
LONDON -- Ericsson was downgraded to underweight from neutral by J.P. Morgann, citing a new forecast it's made for half-owned Sony Ericsson as competition in the handset market continues to heat up. Sony Ericsson also is 50% held by Sony . "Our new model assumes Sony Ericsson gross margin remains at its currently depressed level through 2009 rather than recovering while we estimate the company loses another half-ponit of market share in 2009 to 7.3%," the broker said.
Copyright © 2008 MarketWatch, Inc.
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Most folks judge the health of a business by the revenue that comes in through sales. But not all revenue is equal. Companies can grow their sales by buying other companies, which means you don't get a clear view of how the real sales trends are moving.
So, many analysts, particularly those who look at retail, try to gauge what¿s known as "organic" growth, by looking at same-store sales. These are sales only at outlets open more than a year, so the metric can exclude any sales jump that comes from opening new locations. Retailers release same-store sales (which are frequently called "comps" since they're a true comparison from the previous period) every month.
Retail, incidentally, isn't the only industry to look at same-store sales. Hospital companies, also use the metric, to gauge how existing hospitals are performing compared to ones they just built or acquired.
