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SoundView Upgrades Motorola to 'Buy'

SoundView upgraded Motorola (MOT) to buy from hold.

Analyst Matt Hoffman says his upgrade is based on strength in orders. He says the new price target is $18, or 1.2 times next year's sales. He also says first quarter revenue was in-line; and the earnings per share loss of $0.08 was much better than his loss estimate of $0.13. Hoffman says bulls will like that overall company orders are up 10.6%, and that semiconductor performance strengthened with orders up 30% sequentially. He says Motorola's powerful rally Tuesday will probably continue Wednesday if the company's guidance falls within the current Street consensus.

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