In a report released today, James Ricchiuti from Needham maintained a Buy rating on Zebra Tech, with a price target of $345.00.
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James Ricchiuti has given his Buy rating due to a combination of factors that highlight Zebra Tech’s resilience and potential for growth. Despite a disappointing Q4 outlook for organic revenue growth, the company demonstrated strong performance in Q3, with revenues rising by 5% and EPS increasing by 11% year-over-year, surpassing market expectations. This performance suggests that the company is effectively navigating a challenging macroeconomic environment.
Furthermore, Zebra Tech’s acquisition of Elo Touch Solutions is expected to contribute positively to its revenue, with an anticipated 9.5% increase at the midpoint for Q4. Ricchiuti believes that the market’s negative reaction to the Q4 guidance was excessive, and he maintains confidence in the company’s long-term prospects, leading to the reaffirmation of the Buy rating.
According to TipRanks, Ricchiuti is a 5-star analyst with an average return of 14.4% and a 56.97% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as TTM Technologies, IMPINJ, and Zebra Tech.
In another report released today, Barclays also maintained a Buy rating on the stock with a $360.00 price target.