The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Ericsson (ERIC - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Ericsson is one of 659 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. ERIC is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for ERIC's full-year earnings has moved 47.37% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that ERIC has returned about 25.90% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 0.95% on average. This shows that Ericsson is outperforming its peers so far this year.
Looking more specifically, ERIC belongs to the Wireless Equipment industry, a group that includes 16 individual stocks and currently sits at #19 in the Zacks Industry Rank. Stocks in this group have gained about 7.69% so far this year, so ERIC is performing better this group in terms of year-to-date returns.
ERIC will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.