02:55 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $25 to $375, 29.0x our '24 EPS estimate, a premium to its three-year forward average P/E at 26.1x, reflecting recent strong results and our higher growth outlook. We increase our '24 EPS estimate by $0.22 to $12.94 and raise '25's by $0.15 to $14.01. MSI reported Q1 operating EPS of $2.81 vs $2.22, $0.28 above the consensus. Q1 revenue increased 10%, driven by 14% growth in the Product and System Integrations segment, on strong demand for its APX NEXT and its refreshed PCR portfolio, as well as improved supply availability, and 4% growth in the Software and Services segment, on strong demand for its land mobile radio service offerings. Ending backlog was up $331 million to $14.4 billion, mostly driven by strong demand for multi-year software and services contracts in both regions.