Best Smidcap Ideas: Material Divergence Between Results And Narrative

研报英文原文证据摘录

Best Smidcap Ideas: Material Divergence Between Results And Narrative

TD Cowen Diversified Industrials, Automation & Robotics

Global Research

Zebra Technologies

TD SECURITIES (USA) LLC BEST SMIDCAP IDEAS 2026

Price: $235.98 (06/18/2026) Best Smidcap Ideas: Material Divergence

Price Target: $400.00 Between Results And Narrative

BUY (1)

ESG SCORE: 66/100

Joe Giordano, CFA THE TD COWEN INSIGHT

646 562 1405

Despite consistent results above expectations and positive revisions shares have de-rated on

joe.giordano@tdsecurities.com

investor fears of memory exposure and AI risk. We see these as being effectively mitigated

Michael Anastasiou and an inappropriate categorization, respectively. Organic growth is likely accelerating this

646 562 1437 year (exiting HSD possibly) and AI driven refresh is likely as key construction and employment

michael.anastasiou@tdsecurities.com

indicators have stabilized.

Key Data

Symbol NASDAQ: ZBRA Summary Of Our Thesis

Beta: 1.63

Zebra has an image problem (pun kind of intended). It's viewed as a memory and AI lower

52-Week Range: $341.36-$199.30

despite showing ability to offset the former (and beating on margin) and leveraging the latter.

Market Cap: $11.2B

They are the market leader in key tasks that must be completed regardless of who (or what

Net Debt (MM): $2,735.0 in the case of robotics) is performing it. Warehouse construction appears to have stabilized

Cash/Share: $16.91 after significant post COVID-19 buildout and employment in key retail and logistics markets is

Dil. Shares Out (MM): 49.4 showing early signs of improvement (while being at levels that historically suggest trough). EPS

Enterprise Value

$14,399.1 is growing nearly 20% this year (similar last year), and although numbers have been moving

(MM):