Model Update - Maintain PT; Raise Estimates; Don't See Valuation As Sustainable

Research evidence excerpt

Model Update - Maintain PT; Raise Estimates; Don't See Valuation As Sustainable

Diversified Industrials, Automation & Robotics

Zebra Technologies

TD SECURITIES (USA) LLC ESTIMATE CHANGES

May 13, 2026

Price: $241.79 (05/12/2026) Model Update - Maintain PT; Raise Estimates;

Price Target: $400.00 Don't See Valuation As Sustainable

BUY (1)

ESG SCORE: 67/100

Joe Giordano, CFA THE TD COWEN INSIGHT

646 562 1405

ZBRA faded some of the initial gain, but held most of it, and that alone is a good sign.

joe.giordano@tdsecurities.com

Memory concerns simply aren't materializing to the level some feared, and management

Michael Anastasiou continues to deliver on commitments. Implied 2H seems reasonable/conservative given

646 562 1437 current environment, and numbers move higher. 10x forward EPS for company with 50% GMs

michael.anastasiou@tdsecurities.com

growing EPS high teens seems like a major opportunity.

Chris Grenga, CFA

646 562 1387 Our PT remains at $400 and our numbers move higher. Memory concerns, while valid at

chris.grenga@tdsecurities.com a high level, appear to be well managed internally in a very dynamic environment with

Key Data visibility through year-end. We do not agree with terminal value theses that some have put

Symbol NASDAQ: ZBRA forward regarding the steady removal of people at buildings that leverage ZBRA. The tasks

Beta: 1.62 will still need to be done (whether by a human or a robot leveraging the same tech), and as

52-Week Range: $341.36-$199.30 a core partner we believe ZBRA is best positioned to evolve with the changing needs of their

customer base. Their portfolio is best in class, and valuation here doesn't make much sense to

Market Cap: $11.7B

us unless there are going concern issues, which we don't see.

Net Debt (MM): $2,572.0

Cash/Share: $16.23

Dil.