Wolfe Research analyst Nigel Coe downgraded Zebra Technologies to Underperform from Peer Perform with a $26 price target. Coe believes consensus estimates are still too high for 2023, and the analyst is modeling 5% organic revenue declines in 2023, which would still put the 2019-2023 organic CAGR at ~4.5%. The analyst tells investors in a research note that multiples have reset substantially lower since the beginning of the year, but the current valuation is not cheap enough yet to be supportive of the stock.
Published first on TheFly
