MKM Partners Cuts Price Target on Motorola Solutions (MSI); FCC Order Effectively Pulls the Plug on State and Local D-block

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MKM Partners maintains a 'Neutral' on Motorola Solutions Inc. (NYSE: MSI) price target of $42.00 (from $50.00).

Analyst, Michael Genovese, said, "While we see a significant disconnect between investors’ expectations for Public Safety LTE and the reality on the ground, we remain at a Neutral rating due to MSI’s plan to increase balance sheet leverage and return cash to shareholders. It seems investors generally expect MSI to recognize initial State and Local (S&L) LTE revenues in late 2012 to 1H13 and for Federal LTE to commence in late 2013 to 1H14. However, we are increasingly concerned about whether Public Safety LTE will contribute anything in the next three years, and more immediately, where MSI will find growth drivers in 2013."

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 $47.81 yesterday, with a 52 week range of $38.36-$52.78.

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