Wolfe Research upgraded Zebra Technologies to Outperform from Peer Perform with a $337 price target. The analyst sees potential upside to the company’s revenue growth guidance for the year and believes the stock could see multiple expansion over the next 12-18 months as growth accelerates. The firm believes Q1 marks a transitional quarter for the group where late cycle leadership hands off to improving cyclical momentum. This could break extreme crowding in the “Mag-Industrials,” meaning better risk/reward in higher beta stocks, the analyst tells investors in a research note.
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