TECH - Zebra Tech Stock Is Falling Analysts Say Company Faces Soft Demand and Visibility Challenges | Benzinga
Needham analyst James Ricchiuti maintained Zebra Technologies Corp (NASDAQ: ZBRA) with a Buy and lowered the price target from $285 to $255.
The tone of ZBRA’s Q323 call was consistent with the company’s prior expectations for improvement in distributor destocking exiting Q4. However, Street expectations for 2024 at the high end had assumed too strong a recovery in demand.
ZBRA said demand across its end markets and regions remained soft in Q3, sounding cautious looking to the first half of 2024.
Q3 revenues were above the midpoint of guidance and 3% above consensus. Cost actions drove EPS modestly above consensus and the midpoint of guidance.
ZBRA guided Q423 revenues to decline 32% - 36% Y/Y, at the midpoint ...