Needham & Company analyst James Ricchiuti raised the price target on Zebra Technologies (NASDAQ: ZBRA) to $385.00 (from $330.00) while maintaining a Buy rating.

The analyst commented, "ZBRA earlier today delivered a better-than-expected Q4, posting revenues above the high end of guidance and adj. EBITDA and NG EPS at the upper end of range and solidly above consensus. Organic growth was 3.9% y/o/y in Q4, compared with prior guidance for -2% to up 1%. The tone of the call was surprisingly positive, with ZBRA entering 2023 with solid backlog and demand trends even as some customers express macro-related caution. ZBRA guided for Q1’23 revenues to be down 1% on an organic basis and excluding Fx, with in-line EPS guidance. The 2023 revenue and adj. EBITDA outlook at the midpoint of the range was above consensus. Assuming no major change in the macro environment, we believe the risk-reward remains attractive at current levels and maintain our Buy rating."