On Thursday, Zebra Technologies (NASDAQ:ZBRA) received a vote of confidence from Needham as the firm increased its price target on the stock to $370 from $352, while reiterating a Buy rating. The adjustment comes in the wake of Zebra's first-ever Innovation Day held earlier this week, where the company showcased an array of technologies, with a strong emphasis on areas targeted for growth such as RFID, machine vision, and retail software.
According to the firm, the event reinforced the belief in Zebra's robust competitive position and its capacity to sustain solid organic growth. The potential for strategic mergers and acquisitions was also noted as a factor that could further strengthen Zebra's standing in the market. The analyst highlighted the company's focus on RFID technology, acknowledging that the significant investments by Zebra's large customers in this area should not have been unexpected.
Moreover, Zebra's advancements in machine vision technology were recognized as noteworthy, surpassing initial expectations. While the firm expressed less certainty regarding Zebra's current standing in the robotics sector for warehouse automation, it was acknowledged that this market is still in its early stages and Zebra's future prospects in this area remain open.
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