Motorola Solutions, Inc. (MSI) - Bull of the Day
September 07 2011 - 8:00PM
Zacks
We upgrade our recommendation on
Motorola Solutions, Inc.
(MSI) to Outperform. The company reported excellent financial
results for the second quarter of 2011. The company is a market
leader in the lucrative U.S. Public Safety market. While the
federal budgetary pressures are anticipated to continue, the state
and local level agencies have become a major growth driver for
Motorola Solutions.
The company's business model remains compelling and we believe
the company will be able to maintain its current top-line growth in
the future primarily due to the critical nature of the public
safety network in the U.S. and massive growth potential in the
Middle East. Furthermore, Motorola Solutions boasts a healthy cash
flow.
The company has also enhanced its shareholders value through a
regular dividend policy and the initiation of a major share buyback
program. We therefore, have upgraded our rating to Outperform with
a target price of $49, based on 22x our fiscal 2011 earnings
estimate, approaching the industry average.
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