ZBRA - Zebra Technologies jumps 5.5% on upgrade by JP Morgan PT revised to $500

Zebra Technologies (ZBRA +5.3%) upgraded to Overweight from Neutral with a price target of $500, down from $530 by JPMorgan analyst Paul Chung. The shares should trade at a premium to the company's historical multiple and more in line with peers given the "strong secular tailwinds" for automation across supply chain, retail, healthcare, and logistics, Chung told investors in a research note. JP Morgan elaborates: 'ZBRA is trading at ~21x our CY22 PF EPS forecast and ~16.4x CY22E PF EBITDA, which are in line with the three-year forward trading averages and slightly below select industrial peers. We think the assigned multiple should trade at premium to historicals and more in line with peers, reflecting strong secular tailwinds for automation across supply chain, retail, healthcare, and logistics. Margins continue to expand on product mix and scale benefits, coupled with positive impact from accretive acquisitions done over LTM, and solid pipeline of

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Zebra Technologies jumps 5.5% on upgrade by JP Morgan, PT revised to $500