Is Motorola Solutions (MSI) Still Undervalued On Raised 2026 Outlook And Record Backlog?

Motorola Solutions (MSI) has shown strong recent momentum with double-digit revenue and earnings growth for Q2 2026, leading to a raised full-year outlook and a record backlog. Despite a recent surge, the stock trades about 12% below the average analyst price target, suggesting it may still be undervalued. The company's shift towards software and recurring services is driving margin expansion, though its P/E ratio is higher than the industry average, indicating a premium for its quality.