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Motorola (MOT) was up 8.1% in preopen Instinet trading after Morgan Stanley Dean Witter upgraded the telecom equipment and semiconductor maker to strong buy from outperform, citing the stock's low valuation.

Analyst Alkesh Shah said he sees no near-term catalyst for the shares, but he does believe they are approaching their floor. He also said restructuring efforts appear to be "deeper and more meaningful" than previous efforts.

Motorola fell 23% Friday after a published report raised questions about its credit-worthiness.