Motorola Solutions downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Sami Badri downgraded Motorola Solutions to Neutral from Outperform with a price target of $270, down from $300. The analyst does not have "clear visibility of meaningful earnings upside" following model updates, even when "flexing up" key Motorola business segments that appear to have conservative forecasts in fiscal 2023. Badri sees limited upside in the shares despite Motorola Solutions’ "solid’ fundamentals. The stock is currently trading at 21 times estimated fiscal 2024 earnings, suggesting that upside this year "requires bottom-up contribution for outsized performance," writes Badri.