Citi initiated coverage of Zebra Technologies (ZBRA) with a Neutral rating and $430 price target The firm views Zebra as a beneficiary of longer-term automation and digitization adoption trends, which it thinks could support 5%- 7% “over-the-cycle” organic sales growth and double-digit earnings growth. However, mixed to cautious consumer sentiment and capex budget tightness combined with the discretionary nature of automation spend temper Citi’s enthusiasm for the shares, the analyst tells investors in a research note. The firm sees a “relatively high bar” for Zebra in 2025 and 2026, saying the stock’s “elevated valuation” could slow its run.
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