Lincolnshire, Illinois-based Zebra Technologies Corporation (ZBRA) provides enterprise asset intelligence solutions in the automatic identification and data capture solutions industry worldwide. Valued at $14.5 billion by market cap, Zebra operates through Asset Intelligence & Tracking, and Enterprise Visibility & Mobility segments.

Zebra Technologies has significantly underperformed the broader market over the past year. ZBRA stock has plunged 12.3% over the past 52 weeks and 26.4% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 10.2% surge over the past year and 1.3% dip in 2025.

Narrowing the focus, ZBRA stock has also underperformed the Technology Select Sector SPDR Fund’s (XLK) 6.3% gains over the past 52 weeks and 2.5% decline on a YTD basis.

Zebra Technologies’ stock prices gained 5.2% after the release of its better-than-expected Q1 results on Apr. 29. Driven by strong demand throughout the quarter, Zebra’s net sales for the quarter surged 11.3% year-over-year to $1.3 billion, outpacing the Street’s expectations by a notable margin. Furthermore, driven by solid margin expansions, the company’s adjusted net income soared 41.5% year-over-year to $208 million. Its adjusted EPS came in at $4.02, exceeding the consensus estimates by 11.1%. Moreover, Zebra repurchased shares worth $125 million during the quarter, underscoring its commitment to shareholders and confidence in the stock’s valuation.

For the current fiscal year 2025, ending in December, analysts expect ZBRA to deliver a 9.4% year-over-year growth in earnings to $12.95 per share. The company’s earnings surprise history is mixed. While it surpassed the Street’s bottom-line estimates thrice over the past four quarters, it missed the projections on one other occasion.

Among the 16 analysts covering the ZBRA stock, the consensus rating is a “Moderate Buy.” That’s based on eight “Strong Buys,” one “Moderate Buy,” and seven “Holds.”

This configuration is slightly more bullish than two months ago, when the stock had a “Strong Sell” recommendation.

On Apr. 30, UBS (UBS) analyst Damian Karas maintained a “Buy” rating on the stock, but lowered the price target from $425 to $410.

As of writing, ZBRA’s mean price target of $320.64 represents a 12.8% premium to current price levels. While the street-high target of $435 suggests a staggering 53.1% upside potential.