Motorola stock falls after Citigroup cites 'lackluster' holiday sales
Motorola Inc. dropped the most in nine months in New York trading after a Citigroup analyst said the company's holiday sales suffered because it lacked compelling products.
Demand for the Schaumburg-based company's Razr 2 handset was "lackluster" during the Christmas shopping season, Citigroup's Jim Suva wrote in a note today. The San Francisco- based analyst cut his price target on the stock to $18.50 from $22.50.
Motorola fell 97 cents, or 6 percent, to $15.08 at 10:28 a.m. in New York Stock Exchange composite trading, the biggest drop since March 22. The shares declined 22 percent last year.
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