UPDATE: JPMorgan Downgrades Motorola Solutions Inc. (MSI) to Underweight
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JPMorgan analyst Paul Coster downgraded Motorola Solutions Inc. (NYSE: MSI) from Neutral to Underweight with a price target of $130.00 (from $168.00).
The analyst comments "MSI stock is trading at 18.5x our revised 2020 PF EPS forecast of $7.36, a ~11% premium to the three-year mean multiple. With the stock trading in close proximity to our revised Dec 2020 price target of $130, we believe the stock is approximately fairly valued, and we expect MSI to underperform the mean of our coverage in the next 6-12 months, particularly given the uncertainty regarding COVID-19 and whether it has a lasting impact on MSI’s growth potential. The downgrade is not a call to short the stock."
Shares of Motorola Solutions Inc. closed at $136.21 yesterday.
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