Zebra Technologies Corp "Takeaways From Field Trip" (Buy) Mehrotra

研报英文原文证据摘录

Zebra Technologies Corp "Takeaways From Field Trip" (Buy) Mehrotra

Global Research

30 June 2026ab

Zebra Technologies Corp Equities

United StatesTakeaways From Field Trip

Industrial, Diversified

12-month rating Buy

We recently hosted a field visit to the Zebra Experience Center in Holtsville, NY, which

included discussions with Investor Relations team as well as engineering and marketing

12m price target US$335.00

leadership. The visit comes against a backdrop of historically depressed valuation levels

despite some positive trends recently. We believe this reflects a combination of near term

concerns around memory, along side longer term debates around disruption from Price (29 Jun 2026) US$255.81

autonomous robots. RIC: ZBRA.O BBG: ZBRA US

Trading data and key metrics

While these concerns are understandable, our discussions suggest that Zebra remains

52-wk range US$341.36-199.30

structurally well positioned within the broader identification and data capture

Market cap. US$13.1b

ecosystem. It maintains a durable competitive advantage tied to its installed base and

Shares o/s 51.2m (COM)

integrated hardware/software ecosystem, and we see it maintaining its edge through

continued innovation. We believe the current valuation disconnect provides an attractive Free float 91%

entry point relative to the company’s earnings growth potential. For 2Q, we think it is Avg. daily volume ('000) 984

tracking broadly in line with expectations, and we remain comfortable with full year Avg. daily value (m) US$232.8

results being close to the higher end of the guidance range. See our 2Q preview note for Common s/h equity (12/26E) US$3.77b

details. P/BV (12/26E) 3.3x

Net debt to EBITDA (12/26E) 1.5x

Below we summarize our key takeaways from the visit: EPS (UBS, diluted) (USD)