Morgan Stanley downgraded Zebra Technologies to Underweight from Equal Weight with a price target of $220, down from $260. The analyst says growth headwinds challenge the company’s growth rebound for next 12-24 months. Weaker consumer data points, inventory digestion, and more secular headwinds around capacity absorption post COVID e-commerce overbuild meaningfully lowers the firm’s expectations of Zebra’s run-rate earnings power over at least the next 12-24 months. This will cause challenges for the stock to maintain the current valuation, the analyst tells investors in a research note.
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