Motorola Solutions Likely to Post Strong Multiyear Performance, Morgan Stanley Says

MT Newswires Live06-19

Motorola Solutions (MSI) shows potential for strong multiyear performance but caution is warranted regarding valuations relative to backlog build rates and public budget forecasts, Morgan Stanley said in a note Tuesday.

The investment bank said that for Motorola Solutions and other public safety stocks, backlog from the last couple of years amid robust budget growth is enhancing their growth prospects for 2024. These stocks are supported by strong operational discipline that aids earnings per share growth and maintains high multiples, according to the note.

Morgan Stanley maintained an equalweight rating on Motorola Solutions and raised its price target to $365 from $335, which reflects approximately 26 times its 2025 base case earnings estimate of $14, up from $13.5 previously.

"Our multiple remains a premium to the market and accounts for leverage to defensive spend cycles and reflects investor expectations that are ahead of our estimates," Morgan Stanley said. "Downside risks to our [price target] include competitive pressures in the video market, continued macro headwinds, key management changes, or regulatory developments."

Price: 384.36, Change: +1.54, Percent Change: +0.40

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