Zebra Technologies (ZBRA) PT Raised to 'Street High' $295 at Needham & Company; 'Outperforming Our Prior Assumption'

Needham & Company analyst James Ricchiuti raised the price target on Zebra Technologies (NASDAQ: ZBRA) to a 'Street High' $295.00 (from $250.00) while maintaining a Buy rating. The firm is raising estimates as they expect ZBRA is Outperforming our prior assumptions.

The analyst commented, "At recent conferences, ZBRA highlighted COVID-19's unintended segmenting of the customer base within key verticals, primarily retail, where the winners are seeing a virtuous cycle as success begets success, permitting greater investment in omni-channel and e-commerce initiatives as the pandemic has accelerated these trends, while the losers cut costs and fall further behind industry leaders. We have taken the opportunity to reassess our estimates as local economies are reopening to varying degrees. In light of the evolving environment and recent commentary, we have raised estimates for ZBRA and increased our price target from $250 to $295 based on our view that the duration of the economic dropoff will be shorter in duration than our prior expectations."

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