Exane BNP Paribas upgraded Zebra Technologies to Neutral from Underperform with a price target of $305, up from $258. As Zebra works down inventory and volumes recover, the company’s free cash flow will accelerate, providing greater capital allocation potential, the analyst tells investors in a research note. The firm says that while warehouse automation spending “continues to drag along a bottom,” it sees greater likelihood of a recovery in 2025. While the recovery is in sight, the timing of more meaningful spending from large customers remains uncertain, Exane adds.
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