Symbotic price target lowered to $40 from $55 at KeyBanc

KeyBanc lowered the firm’s price target on Symbotic to $40 from $55 and keeps an Overweight rating on the shares. The firm notes Symbotic reported Q3 results that beat expectations on revenue but missed on EBITDA, as the company dealt with elongated construction schedules and higher costs in the quarter. While KeyBanc is disappointed in the quarter’s profitability results, it thinks most of the gross margin headwinds were one-time in nature, with management expecting growth and profitability to reaccelerate in Q1 2025.