Spruce Point Capital Management Announces Investment Opinion On Zebra Technologies Corp.; Estimates That A Sum-Of-Parts Illustrative Valuation Of Zebra's Business Suggests That The Share Price Could Be Overvalued And Have 65%–80% Long-term Downside Potential Risk

NOTE TO EDITORS: The Following is an Investment Opinion Issued by Spruce Point Capital Management

Believes That Zebra Is Downplaying Competitive Pressures Across Its Core Hardware, Services and Software Offerings, and May Be Embellishing Market Leadership Claims

Highlights How Zebra is Not Adequately Addressing a Variety of Trends and Factors Working Against the Company

Outlines Why Zebra's $2.1 Billion Levered Acquisition Spree and Venture Investments – Which Expanded Its Offerings into Analytics, Robotics, and Machine Vision – Should be Characterized as Failures

Expresses Concerns About Multiple Accounting and Financial Reporting Choices Made by Zebra Given That It Describes Its Chief Accounting Officer as Comfortable Operating in Gray Areas

Questions Management's Alignment With, and the Board's Commitment To, Shareholders

Estimates That a Sum-of-Parts Illustrative Valuation of Zebra's Business Suggests That the Share Price Could Be Overvalued and Have 65% – 80% Long-Term Downside Potential Risk

Spruce Point Capital Management, LLC ("Spruce Point" or "we" or "us"), a New York-based investment management firm that focuses on forensic research and short-selling, today issued a detailed report entitled, "Does A Zebra Change Its Stripes?," that outlines why we believe and estimate that shares of Zebra Technologies Corp. (NASDAQ:ZBRA) ("Zebra" or the "Company") face up to 65% – 80% potential long-term downside risk, or $62.90 – $110.00 per share. Download and view the report and its disclaimers by visiting for additional information and exclusive updates.