Citron Research’s Andrew Left, who gained attention for successful bets against companies including Valeant Pharmaceuticals, reiterated his negative call and $45 price target for Motorola Solutions.
Left confirmed he is currently short shares of the communications equipment maker in an email to CNBC.
A Motorola Solutions decline to $45, would represent a fall of nearly 50 percent for the shares.
“We continue to believe MSI will play a materially smaller role in the evolving public safety market in the medium-term versus its dominant position today,” Left wrote in a new blog post about the company Wednesday. “It is only a matter of time before the market withdraws MSI’s high-growth tech stock multiple, and it is repriced for what is left of its business. Losing handset sales will be the initial blow to MSI and service revenue will soon follow.”
Motorola Solutions shares traded up 0.6 percent Wednesday morning at 11:19 EST. The stock is up 4.3 percent year to date through Tuesday versus S&P 500’s 9.5 percent return.
This wasn’t the first time Citron expressed a bearish view on Motorola Solutions shares. He predicted the communications equipment maker will face pricing pressure from the government in February.
Motorola Solutions did not immediately respond to a request for comment.
Short-seller Citron targets Motorola Solutions again, says shares to be cut in half