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SoundView Lowers Motorola to 'Neutral'

SoundView downgraded Motorola (MOT) to neutral from outperform.

Analyst Matthew Hoffman says with shares at his $11 target, and additional execution risks tied to slips in important new phone models, Nokia's recent handset price reductions lead him to trim his rating and above-consensus estimates on rival Motorola. Hoffman sees risks associated with slips in key new products, especially "triplets" (V300, V500, V600), as well as the later-than-expected arrival of Motorola's new CDMA phones for the Americas region.

He fears Motorola is in jeopardy of losing market share, especially in the Americas, as Nokia launches new models. Hoffman cut the 24 cents 2003 earnings per share estimate to 20 cents, and cut the 50 cents 2004 earnings per share estimate to 43 cents.

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