Motorola Has a New Fan at Oppenheimer
Motorola (MOT), the wheezing No. 5 mobile phone maker, is starting to win over analysts one at a time.
The latest shop to change its mind on Motorola was Oppenheimer, which raised its rating to buy from neutral and affixed a $5 price target on the stock Wednesday.
The firm is optimistic about the steep cost cuts and Motorola's retooled efforts to get a crop of new smartphones into the market later this year.
In January, Goldman Sachs put a buy rating on Motorola and a price target of $7 as the firm added the phone maker to its conviction buy list.New handset chief and co-CEO Sanjay Jha has helped give Motorola a new narrower smartphone focus that could prove to be the make-or-break strategy for the former tech titan. Jha has aligned Motorola with Google's (GOOG) Android mobile phone operating system to produce mid-priced smartphones. The shift was seen as a blow to smartphone partner Microsoft (MSFT) and its Windows Mobile softeware, which has already been struggling in this segment as Research In Motion (RIMM) and Apple (AAPL) make gains at its expense. Motorola shares jumped 19 cents, or 5.8%, to $3.58 in recent trading.
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