The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider electronics maker Motorola (NYSE:MOT). Though the company has been stoking a comeback, you'll find more than a few of the 2,358 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at the Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I've highlighted three of the main bearish arguments on Motorola today. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Motorola in CAPS.                                             

1. High-priced shares
Motorola's shares have marked some big gains this year and now trade at a forward earnings multiple of about 29. Some investors think that relative to other smartphone makers such as Nokia (NYSE:NOK) and newly discounted Research In Motion (NASDAQ:RIMM) that have larger market shares, Motorola is significantly overvalued and prefer to wait for a cheaper price.                           

2. Internal structure issues
Sales in all three of Motorola's divisions continue to drop: Third-quarter sales in its mobile devices business fell 46%, and its set-top box division is facing increasing pressure from Cisco Systems (NASDAQ:CSCO) and the threat of content providers using the Internet to deliver video. While other companies such as Hewlett-Packard (NYSE:HPQ) are bulking up with acquisitions, Motorola is looking to potentially break itself up but is taking a long time to decide the best path forward.

3. Smartphone competition
While Apple (NASDAQ:AAPL) continued to show strength in the third quarter, others like Motorola and Sony's and LM Ericsson's (NASDAQ:ERIC) venture Sony Ericsson continued to struggle, with Motorola selling the least number of phones since its first quarter of 2001. Competition is expected to be fierce this holiday season and the price of Motorola's recently released Droid is already being slashed by some retailers.                          

To see details of what CAPS members are saying now about Motorola, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

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