KeyBanc Upgrades Zebra Technologies (NASDAQ: ZBRA) to Overweight Amid Strong Q1 Performance

Font: Financial Modeling Prep  • May 13, 2026

• Investment bank KeyBanc has upgraded its rating for Zebra Technologies to Overweight, signaling a positive outlook.
• Zebra reported robust first-quarter 2026 results, with adjusted EPS of $4.75 and total revenues of $1.5 billion, both exceeding analyst expectations.
• The company has raised its full-year 2026 financial outlook, projecting higher sales growth and EPS, reflecting strong business momentum.

On May 12, 2026, investment bank KeyBanc upgraded its rating for Zebra Technologies (NASDAQ: ZBRA) to Overweight. Zebra Technologies is a leading provider of enterprise technology solutions, including barcode scanners, mobile computers, and printers. This significant upgrade, indicating a positive investment outlook, occurred when Zebra's stock price was $241.79.

The new rating is strongly supported by Zebra's robust first-quarter 2026 financial performance. As highlighted by Zacks, Zebra reported an adjusted earnings per share (EPS) of $4.75, marking an impressive 18.2% increase from the prior year. EPS serves as a crucial measure of a company's profitability for each outstanding share of its stock.

Zebra's total revenues surged 14.3% year-over-year to $1.5 billion, comfortably surpassing analyst expectations. According to The Motley Fool, market analysts had anticipated revenue of approximately $1.48 billion. This substantial growth was primarily driven by a 4.3% increase in consolidated organic net sales, reflecting strong performance from its core business operations.

Following these strong results, Zebra proactively raised its financial outlook for the full year of 2026. The company now projects sales growth between 10% and 14%. It also expects an EPS in the range of $18.30 to $18.70, which is notably higher than the consensus analyst estimate of $17.50.

As reported by Business Wire, Zebra also announced an adjusted EBITDA of $347 million for the quarter. EBITDA is a key metric for assessing a company's overall financial performance. Additionally, Zebra executed $300 million in share repurchases, a strategic move designed to enhance the value of the remaining shares for investors.