Zebra Technologies Corp Class A

ZBRA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$931.00	Jqvgh	Scdwdmdqv

Zebra Earnings: We Raise Our Valuation to $340 as Demand Continues to Improve

William Kerwin ,

Jul 30, 2024

We raise our fair value estimate for narrow-moat Zebra Technologies to $340 per share, from $320, following second-quarter earnings results that beat our estimates. Zebra also moderately raised its full-year guidance, which aligns with our expectations of a demand recovery in its end markets over the next two years. Despite sales plunging in 2023 from overordering during the pandemic, global channel inventory levels have now mostly normalized. We lift our estimates to align with updated guidance and our reinforced faith in Zebra’s sticky portfolio of solutions for digital transformation. Shares look fairly valued to us.

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