Motorola Earnings: No Slowdown of Demand in Sight

We maintain our fair value estimate for Motorola Solutions of $223 per share after an impressive second quarter that came in line with our revenue estimates and above our profitability expectations. Following results coming in ahead of management’s high end of guidance as well as record backlog in the quarter, the company raised its full-year guidance. Motorola continues to navigate foreign-exchange headwinds and macro uncertainty with ease, showcasing the mission-critical and sticky nature of its products that underpins its economic moat. Motorola is poised to perform well even against tough backdrops that hinder peers, and we expect the improving supply environment to drive continued upside.