Motorola: Transferring Coverage and Upgrading Moat to Wide; Raising Our Fair Value Estimate 3%

We are transferring coverage of Motorola Solutions and raising our fair value estimate to $312 per share from $237. This increase was primarily driven by our reevaluation of how long Motorola could keep increasing earnings at a mid- to upper-single-digit percentage pace. We are also upgrading our moat rating to wide from narrow. Our increased confidence in Motorola's moat and future growth runway, particularly in how tenable it is, is the primary driver of our fair value estimate change.