Motorola Earnings: Another Terrific Period of Robust Demand Brings Valuation up to $230 From $223

We raise our fair value estimate for shares of narrow-moat Motorola Solutions to $230, from $223, after another quarter where results and guidance beat our expectations. Simply put, Motorola is seeing tremendous demand for public safety technology and is uniquely positioned to capitalize on this demand with its comprehensive portfolio. We see Motorola as competitively strong, with mission-critical, sticky products that underpin its economic moat. Still, we continue to find valuation challenging and see shares as overvalued.