Canaccord Genuity Maintains a 'Hold' on Motorola Mobility (MMI); Q3/11: Google (GOOG) Acquisition on Track

Canaccord Genuity maintains a 'Hold' on Motorola Mobility Holdings (NYSE: MMI) price target of $40.00.

Canaccord analyst, T. Michael Walkley, said, "Motorola Mobility reported Q3/11 results with sales of $3.26B and pro forma EPS of $0.12 versus our $3.32B and $0.05 estimates. Weaker tablet sales led to the sales below our estimate, but much lower taxes led to the pro forma EPS upside. Given the pending Google (Nasdaq: GOOG) acquisition, Motorola Mobility did not host a conference call or provide guidance."

"Based on the Q3/11 results, we are increasing our 2011 pro forma EPS estimate from $0.52 to $0.56. However, due to our lowered 2012 XOOM tablet assumptions, we are lowering our 2012 pro forma EPS estimate from $0.87 to
$0.82."

For more ratings news on Motorola Mobility Holdings click here and for the rating history of Motorola Mobility Holdings click here.

Shares of Motorola Mobility Holdings closed at $39.02 yesterday.

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