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Motorola Solutions Inc MSI

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Motorola Solutions Posts Record Quarter With Market Share Wins In Video Security; FVE Up to $189

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Narrow-moat Motorola Solutions reported strong first-quarter results that exceeded the firm’s guidance on revenue and EPS, while also providing positive second-quarter outlook as well as improved full-year guidance. The company experienced a record first-quarter backlog and number of orders, as well as double-digit revenue growth in video security, command center software, and land mobile radio, or LMR, services. Video security in particular is experiencing strong market share gains, per management, and should achieve over 20% growth for the full year. Motorola may also be a beneficiary of the American Rescue Plan with potentially higher spending in public safety and education. We are raising our fair value estimate to $189 from $174 and view shares as fairly valued.

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Company Profile

Business Description

Motorola Solutions provides communication infrastructure, devices, accessories, software, and services. The company operates two segments: products and systems integration, and services and software. The firm is considered the standard-bearer in the public safety space with 80% of the market. It also offers a variety of services such as repair, technical support and maintenance, monitoring, software updates, and cybersecurity services.

500 West Monroe Street, Suite 4400
Chicago, IL, 60661
T +1 847 576-5000
Sector Technology
Industry Communication Equipment
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 18,000