Symbotic downgraded to Hold at Deutsche Bank after 120% advance

As previously reported, Deutsche Bank downgraded Symbotic (SYM) to Hold from Buy with a $51 price target. With its 120% year-to-date advance, the stock has been the strongest performer among the analyst’s coverage, notes the analyst, who adds that Symbotic has outperformed “growthier data-center focused stocks,” including GE Vernova (GEV), Vertiv (VRT) and Eaton (ETN). While the firm continues to see a “very attractive” multi-year revenue growth trajectory, it notes that the stock has already eclipsed its modestly raised price target.