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Motorola Solutions slumps following Wells Fargo downgrade

|About: Motorola Solutions, Inc. (MSI)|By:, SA News Editor

Declaring shares to be "significantly mispriced" following their recent rally, Wells Fargo has downgraded Motorola Solutions (MSI -2.6%) to Underperform, and set a $60.50-$62.00 valuation range.

Wells notes the market for public safety communications hardware is mature, and thinks the market's adoption of LTE networks (could lead to new competition from 4G hardware OEMs) presents a long-term challenge.

The downgrade comes a day after Motorola announced the results of its $2B public tender (first announced in early August, along with Silver Lake's $1B investment). 30.1M shares were repurchased at $66.50 apiece.

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