If you can imagine it, Motorola (NYSE: MOT) has actually performed well off its lows. But it has also performed well enough that Goldman Sachs is downgrading the troubled handset maker. The $7.00 price target remains, but the analyst team at Goldman took the rating down to Neutral from Buy based upon the belief that the full recovery has already been priced in at the current prices.
This takes into consideration of the new Android-based cellphones and other new launches that are not until the fourth quarter. Goldman Sachs does believe that continued hand set and market share declines are likely.
The “valuation call” is on the 50%+ gains versus that of the S&P 500 of 16% from January. We have shares down about 5% at $6.28 in active pre-market trading. Its 52-week trading range is $2.98 to $10.50.
Jon C. Ogg
July 16, 2009
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