Zebra Technologies (ZBRA) PT Lowered to $620 at Needham & Company

Needham & Company analyst James Ricchiuti lowered the price target on Zebra Technologies (NASDAQ: ZBRA) to $620.00 (from $660.00) while maintaining a Buy rating.

The analyst commented, "ZBRA reports prior to the open on Thurs., Feb. 10th. Based on commentary over the past month from industry players, including Honeywell (HON, NR), Impinj (PI, Buy) and Avery Dennison (AVY, NR), we believe demand across ZBRA’s business was strong in Q4'21. While supply chain challenges are likely to remain a headwind in the near-term, we believe ZBRA is well positioned for 2022. We expect organic growth to decelerate in 2022, though we believe our 6% revenue growth forecast is conservative. Increased demand in the core retail technology and logistics automation markets form a strong backdrop for continued growth in ZBRA’s business in 2022. We reaffirm our Buy rating, but trim our Price Target to $620 from $660, reflecting multiple compression across the tech sector."

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