- Citi analyst Andrew Gardiner downgraded Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to Neutral from Buy, calling the company "uninvestable."
- The re-rating followed the report of alleged "tens of millions of dollars in suspicious payments" by the telecom company to ISIS over nearly a decade to keep its business in Iraq.
- Related Content: Ericsson Could Have Paid ISIS For Access To Iraq Transport Routes, CEO Ekholm Says; Stock Plunges
- "If the reports are confirmed true, then management's credibility and judgment will be called into question; even if they are ultimately untrue, we think it will take some time before innocence can be proven," Gardiner said.
- Price Action: ERIC shares traded lower by 8.05% at $9.31 on the last check Monday.
