Motorola Shares Rise on Lehman Analyst Upgrade
By: Reuters
Lehman Brothers upgraded mobile phone maker Motorola to overweight" from "equal weight," saying improvements in operating expenses should help the company's phone unit return close to breakeven by the fourth quarter.
Shares rose 3% on the analyst upgrade.
The brokerage, which has a price target of $20 on the stock, said checks indicated that Motorola's channel inventory position has largely cleared during the third quarter. Also, orders have been revised up in some cases.
This suggested that units would rise in the third quarter, the brokerage added.
Lehman Brothers upgraded mobile phone maker Motorola to overweight" from "equal weight," saying improvements in operating expenses should help the company's phone unit return close to breakeven by the fourth quarter.