Motorola Solutions, Inc. / Axon Enterprise, Inc.: Tim's 2 Things for 2 Stocks in 2H

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Motorola Solutions, Inc. / Axon Enterprise, Inc.: Tim's 2 Things for 2 Stocks in 2H

Equity Research

27 May 2026

Motorola Solutions, Inc. / Axon Enterprise, Inc.

Tim's 2 Things for 2 Stocks in 2H

We continue our report series discussing the two most

important topics for stocks that generally get looked at

together. MSI and AXON don’t have a ton of overlap at this MSI OVERWEIGHT IT Hardware and

time, but both are focused on an end market that we see as CommunicationsEquipment NEUTRAL

durable growth and technology transitions – public safety. Price Target USD 509.00

Price (26-May-26) USD 410.48

Potential Upside/Downside +24.0%

Public safety is an end market that we like. We see stable growth in core businesses, and Source: Bloomberg, Barclays Research

increased adoption of newer technologies. In this report, we focus on the two company’s video

and software businesses, while also looking at the emerging drone-related strategies, which we AXON OVERWEIGHT

think will help p/e multiples expand as the businesses scale. IT Hardware and

Communications NEUTRAL

Conclusion: This is an end market where we want exposure, and we are OW-rated on both Equipment

Price Target USD 523.00

stocks given strong fundamentals, pull back in valuation, and a solid catalyst map. We do not

Price (26-May-26) USD 385.30

see this as a market with one winner and one loser; we see multiple positive dynamics for each

Potential Upside/Downside +35.7%

stock. We believe MSI fundamentals have been strong with the stock weakening, so see a strong Source: Bloomberg, Barclays Research

rebound as we go through 2H26 and look into 2027, particularly as the higher tech businesses

accrete the growth rate. We expect AXON to continue to ramp software solutions and continue