RBC Capital Cuts Price Target, Estimates on Motorola Mobility (MMI); Sees Weaker Mobile Sales

RBC Capital Markets analyst Mark Sue cut his price target on Motorola Mobility (NYSE: MMI) from $38 to $33, while maintaining a Sector Perform rating on the stock.

Sue said, "The amount of competitive new launches near-term is making it a little bit tougher for Motorola," adding that the benefit from the Xoom tablet is not what he had hoped to see.

The analyst suggested the impact on Motorola at Verizon (NYSE: VZ) from the Apple (NASDAQ: AAPL) iPhone 4 launch has been less than expected. However, he added that user's preferred Google (NASDAQ: GOOG) Android device at the carrier seems to be the HTC Thunderbolt.

Sue cut his mobile device estimate for Motorola in the March quarter from 9.9 million to 9.2 million units, while trimming his revenue estimate from $3.1 billion to $3 billion. He also sees Motorola selling 10.5 million units next quarter, down from a prior view of 10.9 million.

Shares of Motorola Mobility are down 17 cents to $24.23 in early market trade on Friday.

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