SN SNDK Sandisk Corporation Common Stock Loading... : Bullish and Bearish Analyst Opinions

Zebra's Q2 results exceeded guidance because it was able to secure more memory supply than expected, but its guidance for Q3 and Q4 is still based on the potential for continued supply constraints, not on the strong demand signals. — Memory availability, not end-demand, is the primary variable capping Zebra's sales growth in the near term, indicating the DRAM market remains supply-constrained.

Despite the memory shortage and cost inflation, management has 'line of sight' to fully mitigate the 2-point margin headwind for the year, with the cost trajectory in line with prior guidance and less severe than spot market rates. — This suggests memory suppliers are prioritizing long-term direct customers over spot-market buyers, potentially shielding Zebra and similar partners from the worst of the price spike.