Are Wall Street Analysts Bullish on Zebra Technologies Stock?

Headquartered in Lincolnshire, Illinois, Zebra Technologies Corporation (ZBRA) provides hardware, software, automation, and services that digitize frontline operations. With a market capitalization of $17.3 billion, the company’s products include barcode scanners, RFID readers, mobile computers, thermal printers, and software, helping businesses improve efficiency across retail, healthcare, manufacturing, logistics, and other industries.

Shares of this enterprise technology giant have underperformed the broader market over the past year. ZBRA has gained 12.8% over this period, while the broader S&P 500 Index ($SPX) has climbed nearly 18.7%. However, the stock has gained momentum in 2026 and is up 48.5%, compared with the S&P 500’s 12.2% gain over the same period.

Compared with the State Street Technology Select Sector SPDR ETF (XLK), ZBRA has underperformed over the past year, as the ETF has gained 38.8%. However, ZBRA has outperformed XLK on a YTD basis, with the ETF gaining 26.2% year-to-date.

On August 4, Zebra Technologies reported its Q2 FY2026 earnings, sending shares 26.5% higher as record results topped estimates. Net sales grew 20.4% from the prior-year quarter to $1.56 billion, driven by broad-based demand and successful memory supply management. Non-GAAP EPS rose 75.9% year-over-year to $6.35.

Zebra raised its full-year 2026 guidance, now expecting sales growth of 14% to 16%, an adjusted EBITDA margin of 23.5% to 24.0%, and non-GAAP diluted EPS of $20.75 to $21.25, up from its previous guidance of $18.30 to $18.70. The company also expects full-year free cash flow to exceed $1 billion.

For the fiscal year ending in December 2026, analysts expect ZBRA’s diluted EPS to rise 35.4% year-over-year to $17.22. ZBRA has beaten consensus EPS estimates in three of the past four quarters, while missing expectations in one.

Based on the 16 analysts covering ZBRA stock, the consensus rating is a “Strong Buy.” The rating is based on 11 “Strong Buys,” one “Moderate Buy,” and four “Holds.”

The analyst configuration is bullish than two months ago when the stock had 10 “Strong Buy” suggestions. 

On August 24, Morgan Stanley analyst Meta Marshall maintained a “Hold” rating on Zebra Technologies with an unchanged price target of $360, citing a balanced risk-reward profile.

Based on analysts’ estimates, ZBRA’s mean price target of $418.67 implies a 16.1% upside, while the Street-high target of $455 represents a 26.2% premium.