Symbotic price target raised to $60 from $55 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Symbotic to $60 from $55 and keeps a Buy rating on the shares. Commentary suggests that new deployments will accelerate in the second half of the year, which when combined with strong contribution from existing systems in deployment, should sustain high growth rates in revenue, the firm says. Maybe more important, the quarterly EBITDA beat was impressive, and margins should improve further this year and could step up much further in CY25. As a result, Craig-Hallum expects the reaction in the stock will be more positively received and would encourage investors to accumulate shares before a potential technical breakout.