Zebra Technologies' Q3 Beat and Raised Outlook: A Disconnect Between Performance and Share Price

Zebra Technologies (ZBRA) reported a strong Q3, beating earnings forecasts and raising revenue guidance. However, the stock is down 19% since the report, leaving investors puzzled. Despite this, the company's 90-day share price return is -17.4%, and year-to-date slide is 32.4%. Analysts are reassessing execution risk, but the stock is trading at a steep discount to analyst targets. The most followed narrative anchors Zebra's value higher, arguing the recent sell-off clashes with its long-term earnings power. The fair value is estimated at $358.47, indicating undervaluation.