New York, February 13, 2026, 09:36 EST — Regular session
- Zebra Technologies dropped roughly 2.6% early, pulling back after yesterday’s big post-earnings jump.
- The company now expects sales to grow between 9% and 13% in 2026, and it’s also tacking another $1 billion onto its buyback authorization.
- Morgan Stanley bumped its price target up to $323 while sticking with its Equal Weight rating.
Zebra Technologies dropped 2.6% to $267.11 Friday morning, pulling back after rallying off a bullish forecast and buyback news that had ignited the stock just one day prior. 1
Shares of Zebra gave back ground after Thursday’s rally, which saw the stock soar over 17%. The pop came as the company projected 2026 sales and earnings ahead of analyst forecasts and rolled out a $1 billion stock repurchase plan. Zebra’s been capitalizing on the uptick in demand for its barcode scanners and communication gear, as clients push to update their systems. 2
Investors are watching Zebra’s outlook closely, looking for any signal that demand for “frontline” hardware and workflow tech will stay solid into 2026, especially after a turbulent period for enterprise and industrial spending. CEO Bill Burns said the company started 2026 with “a healthy backlog and pipeline.” Zebra now expects full-year sales to climb 9% to 13%, and sees non-GAAP earnings per share between $17.70 and $18.30. Non-GAAP, or adjusted, results exclude certain items like restructuring charges. 3
Zebra booked roughly $1.48 billion in fourth-quarter net sales and reported non-GAAP EPS of $4.33 on its earnings call, while $76 million in restructuring charges landed, partly from its plan to wind down the robotics business. CFO Nathan Winters noted the board’s fresh $1 billion repurchase authorization, which left about $1.1 billion in buyback capacity as of early February. Winters also pointed to “industry-wide” price hikes for memory components set to hit in the second quarter—a challenge Zebra aims to absorb through pricing moves, productivity gains, and robotics exit savings. 4
Meta Marshall at Morgan Stanley boosted her Zebra price target to $323 from $309, sticking with an Equal Weight rating. She pointed to a “reacceleration in 2026” in the company’s outlook after earlier worries on organic growth. Marshall noted the team felt more upbeat on demand and the initial Elo rollout, but said questions linger on pricing as well as the timing of the product refresh. 5
Friday didn’t bring a fresh storyline—more like traders catching their breath. Sharp rallies tend to see some profit-taking. This report gave investors lots to chew on: questions around how much of 2026’s growth hangs on acquisitions and currency shifts, versus what stems from real demand, plus the bigger debate—can margins hold up as the company keeps adjusting prices?
The risk is clear enough: rising component costs might hit margins more than projected, while pushing prices higher risks turning off buyers or prompting them to hold off on upgrades. Memory cost chatter has already started coloring the discussion about whether the earnings surge was genuine or just a byproduct of timing quirks and product mix. 6
The next major milestone for investors is Zebra’s first-quarter 2026 earnings, tentatively slated for May 12. Until that report hits, trading in the stock will probably hinge on signs of organic sales growth, how well margins are managed, and the tempo of share repurchases. 7
