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Ericsson: shares jump after broker raises target price.

(CercleFinance.com) - Ericsson shares have risen almost 3% today, after a broker raised its target price, citing "steps in the right direction.

UBS has increased its target price for on the struggling Swedish firm to 53 Swedish kronor from 50 Swedish kronor, while maintaining a "neutral" rating on the stock.

The broker - which says that some positive steps have been made in Q3 but states that more are still required - now plans to focus on Ericsson's investor day on 8 November.

Ericsson shares are currently up 2.9% at 53.2 Swedish kronor.

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