BofA analysts initiated shares of Motorola Solutions (NYSE:MSI) with a Buy rating and $330 price target in a note Monday.
The analysts said in a research note that they see Motorola having a multi-year opportunity in public/enterprise safety.
MSI is "well-positioned with multiple tailwinds supporting growth," said analysts. "The company's focus on public safety and enterprise security merits solid pricing power and a healthy funding environment with the American Rescue Plan Act (ARPA) also drives a sustainable order pipeline."
Furthermore, BofA believes video security provides a multi-year growth opportunity for the company.
"The video security segment grew 24% YoY in 2022, driven by 28% growth in the segment’s software revenue, and we expect software to drive contribution of video security to 20% of total revenue by 2025, representing solid revenue and margin growth opportunity, and driving robust earnings growth."