Barclays Lifts Motorola Target Price by 6.3% on Healthy Droid Sales

Barclays equity research released a note to clients Tuesday, adjusting its target price for shares of Motorola following recent checks of the company’s Droid sales.

Barclays analyst, Jeff Kvaal, said that Barclays was trimming its Android unit volume threshold for breakeven lower, adding that they believe Droid sell through was healthy as limited stockouts reflect healthy channel fill not modest demand which offsets slow CLIQ sales.

Barclays said it was retaining its Q4 1 million unit Android estimate.

Barclays offered this statement, “Rising feature phone gross margins should allow MOT to breakeven on 4.0-4.5M Android phones in 4Q vs our prior estimate of 4.5-5.0M. Our 2010 Android estimate remains 13M – reasonable though not conservative.”

As a result, Barclays boosted its target price on Motorola to $8.50 from $8.00.

[Source: My Smartrend]

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