Symbotic cut to Neutral at DA Davidson on valuation

DA Davidson analyst Matt Summerville downgraded Symbotic to Neutral from Buy with a price target of $50, up from $36, following the company’s Q2 results. The company’s execution remains sound and its $23B essentially non-cancellable backlog provides investors with unparalleled visibility in today’s uncertain macro environment, the analyst tells investors in a research note. The firm adds however that while Symbotic’s balance sheet is solid and its long-term fundamentals are attractive, a neutral stance is appropriate at current levels.