U.S. Industrial Technology & Distribution: 2Q26 Pre-Close Updates, Week Two

研报英文原文证据摘录

U.S. Industrial Technology & Distribution: 2Q26 Pre-Close Updates, Week Two

Equity Research

22 June 2026

U.S. Industrial Technology & Distribution

2Q26 Pre-Close Updates, Week

Two

This week we caught up with ZBRA, PI, GWW, and WCC. We U.S. Industrial Technology & Distribution

make EPS changes: ZBRA EPS Q2 +3%, Q3 -1%; GWW Q2 POSITIVE Unchanged

+0.2%, FY26e -1%. U.S. Industrial Technology &

Distributors

We remain positive on PI, ZBRA and WCC; We remain UW GWW. We are at the AUTOMATE trade show Guy Hardwick

+1 212 526 2120in Chicago this week and expect to visit ZBRA, CGNX, TER and TDY booths.

guy.hardwick@barclays.com

BCI, USSummaries:

Nick Igneri

ZBRA (OW): We make changes to EPS, raising Q2 3% and lowering Q3 1%. Our PT edges up on +1 212 526 1632

lower share repos with FY26e EBITDA unchanged. The recent mixed share price performance we nicholas.igneri@barclays.com

believe is the result of DRAM prices grinding higher. ZBRA is managing gross headwinds well, BCI, US

and we believe ZBRA can over deliver on net savings as per historic supply chain challenges.

ZBRA stock is still discounting 20% cuts to FY26 guidance, which we don't believe is a likely

scenario. A solid Q2 result with a Q3 guide in line with the street should help ZBRA stock on its

path towards returning to historical multiples.

PI (OW): Our estimates remain unchanged, and we continue to view RFID as one of the most

attractive non-AI technology themes. Demand remains constructive, with the key debate

centered on the timing of large deployments rather than the size of the opportunity. We

continue to see multiple growth drivers ahead, including Walmart GM Phase 3, accelerating food

adoption, and expanding supply chain and loss-prevention use cases. While pricing is likely to