Nomura Securities Maintains a 'Neutral' on Motorola Solutions (MSI); Q1 Results Make 2012 Look Attainable

April 26, 2012 10:28 AM EDT
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Nomura Securities maintains a 'Neutral' on Motorola Solutions Inc. (NYSE: MSI) price target of $49.00.

Analyst, Stuart Jeffrey, said, "MSI continues to execute well and delivered Q1 results ahead of our and consensus expectations. Management’s Q2 outlook was upbeat, which we attribute to its good visibility. However, management left its full-year outlook unchanged at 5% growth. That is an attainable target, in our view, and leaves room for a series of slight beats and raises for the next few quarters. Our 2012E/2013E EPS goes from $2.84/$3.19 to $2.99/$3.31. At current levels, we believe that investors have priced in earnings upgrades in the shares. MSI is trading on 1.7x 2012E sales, 8.6x EV/EBITDA, 17x earnings and 14x P/E-ex cash, a 30% premium to the broader market."

For an analyst ratings summary and ratings history on Motorola Solutions Inc. click here. For more ratings news on Motorola Solutions Inc. click here.

Shares of Motorola Solutions Inc. closed at $51.32 yesterday.

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