Zebra Technologies price target lowered to $250 from $285 at Needham

Needham lowered the firm’s price target on Zebra Technologies to $250 from $285 but keeps a Buy rating on the shares. The tone of the company’s call was consistent with the management’s prior expectations for improvement in distributor destocking exiting Q4, though consensus expectations for 2024 being at the high end had clearly assumed too strong a recovery in demand, the analyst tells investors in a research note. Needham remains positive on the stock however and contends that investors will increasingly focus on the potential for a recovery in the second half of 2024.