Citi Reiterates 'Buy' Rating on Motorola (MOT), Comments on Outlook
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Citi reiterates a 'Buy' rating on Motorola (NYSE: MOT). Price target $12.50.
Citi analyst says, "Business seems healthy, but mgmt is very aware of economic conditions and is watching expenses carefully...Safety/first responder systems are not immune from economic downturns, but will likely stay a priority even in tighter budget conditions w/ main risk being smaller deal sizes/longer contract terms. Lengthy contracts (10 years+) aid visibility and mitigate near-term risks, in our view... The structural changes that were the underpinnings of our February upgrade are beginning to bear fruit. We recommend investors Buy MOT shares to participate in what we believe will be a unique alpha opportunity over the next 12 months. 34 new phones in 2H encouraging vs. 14 in 1H08."
Motorola, Inc. (Motorola) is engaged in providing technologies, products and services for mobile phones.
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