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Motorola Mobility stock dips following analyst downgrade

Updated Dec 19th, 2018 7:20PM EST

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Facing stiff competition from Samsung, LG, and Apple, Motorola Mobility has seen a slump in its share price and market share following a recent downgrade from analyst firm BMO. According to Dow Jones News Wires, Motorola Mobility’s share of the Android market took off like a rocket when it introduced the highly sought-after Motorola DROID on Verizon in 2009. However, its Android share fell from 33% last year to just 14% in the first quarter as other manufacturers began pumping out competing Android devices, some at lower price points. Reportedly, BMO has cut Motorola Mobility’s earnings per share target for the year and has dropped its price target from $26 to $19. Motorola Mobility last closed at $22, down from its 52-week high of $36.54.