Zebra Technologies Corp.: 1Q26 EPS This Week: ZBRA Preview

研报英文原文证据摘录

Zebra Technologies Corp.: 1Q26 EPS This Week: ZBRA Preview

Equity Research

11 May 2026

Zebra Technologies Corp.

1Q26 EPS This Week: ZBRA

Preview

ZBRA Q2 EPS Guide To Be Above Barclays Estimates: Higher ZBRA OVERWEIGHT

POSITIVEConfidence In Memory Cost Mitigation; +ve Results From U.S.& DistributionIndustrial Technology

Peers Suggest Improving Demand. Price Target USD 330.00

Price (08-May-26) USD 226.03

Potential Upside/Downside +46.0%

In this note, we preview the key issues around ZBRA stock ahead of 1Q26 results (BMO May 12th). Source: Bloomberg, Barclays Research

We are hosting a post EPS Webinar with ZBRA's CFO on Friday, May 15th at 12.30pm ET. Please

register here.

U.S. Industrial Technology &

Key Takeaways: We believe at the current price risk: reward is favorable heading into 1Q26 Distributors

results. Based on results from peers (CGNX, BSL GY, ROK and PI) we believe the end markets of Guy Hardwick

+1 212 526 2120supply chain & industrial automation have improved since Q4 guidance given in February.

guy.hardwick@barclays.com

Furthermore, I.T products and Zebra distributor SCSC reported better than expected March BCI, US

quarter sales results (+8% org) citing broad based hardware demand, and the return of large

deals, and guided to similar trends in the June quarter. Regarding memory price inflation, we Nick Igneri

+1 212 526 1632believe prices paid by ZBRA in Q2 will be higher than our prior assumptions, however we are

nicholas.igneri@barclays.com

now more confident of supply in 2026, which in our view eliminates the most bearish scenario. BCI, US

Furthermore ZBRA's memory inventory position at Q4, which we expect protected Q1

margins, may have a carry over benefits into Q2. We note ZBRA inventory days at Q4 were 96,