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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.