UPDATE: JP Morgan Maintains Overweight, Lowers PT to $45 on Zebra Technologies

JP Morgan reiterates its Overweight rating on Zebra Technologies

as it reflects potential slowdown due to EMEA sovereign debt challenges. JP Morgan says, "Subsequent to the financial crisis of 2008, ZBRA experienced several quarters of severe y/y revenue decline. Though the European sovereign debt crisis appears of lesser magnitude and confined largely to a region that represents only 32% of ZBRA's revenue, we expect a slowdown in sales growth in the first half of 2012 owing to more cautious IT budgeting and spending by enterprises, pending resolution of the crisis. ..We are trimming estimates accordingly. 2012 PF EPS goes to $2.62 on revenue of $1.013 billion, which places us close to consensus for the year, though we believe 1H12 consensus estimates might be a bit too high." ZBRA closed at $34.66 per share on Friday.