Evercore ISI Reiterates Outperform Rating on Motorola Solutions Inc. (MSI)

Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $500.00 price target on Motorola Solutions Inc. (NYSE: MSI).

The analyst comments "We had the opportunity to attend the International Association of Chiefs of Police (IACP) conference. We took part in booth tours hosted by MSI and Axon and also had the chance to speak with a police chief who oversees a department with 500+ employees. Investor interest in both MSI and Axon remains high with both events very well attended by a variety of long-only and longshort investors. Both companies are among the few we have seen that are integrating GenAI into their products with immediate results. GenAI integration is being used to help significantly cut down on time needed for police reports, as well as providing real time language translation services and aiding in video surveillance. There also seems to be intensifying competition among MSI and Axon as both leverage flagship products (radios for MSI, body cams for Axon) to expand into a variety of new products and services. We were impressed by Axon’s drone offerings both in terms of countering hostile drones and leveraging drones in police work via things like drones as a first responder. MSI is focused on offering an end to end platform that spans from the field officer to the 911 control center. They showed a demo of how their technology enables rapid response to crime with a smash and grab at a retail store where MSI was able to track the perpetrators through the city even after they changed vehicles. The conversation with the chief of police was potentially the most interesting part of the day and he helped underscore why companies like MSI and Axon are so popular with investors. Specifically, he noted that his technology budget has increased by 3x over the past ten years and shows no signs of slowing down. Going all in on tech has also helped him deal with the nationwide officer shortage by helping limit the time officers spend on administrative tasks and in court. He also noted that he uses MSI’s entire technology stack with the exception of body cams he gets from Axon, but he plans to switch to MSI given their latest body cams have achieved parity. Net/net: We continue to be impressed by the size of the opportunity in the public safety space. Maintain Outperform & $500 target."

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 $475.20 yesterday.

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