Symbotic price target lowered to $43 from $55 at TD Cowen

TD Cowen analyst Joseph Giordano lowered the firm’s price target on Symbotic to $43 from $55 and keeps a Buy rating on the shares. The firm was disappointed in its results but said there’s nothing that makes them question the longer-term thesis on market positioning or uniqueness of the solution, but they acknowledge the company has put itself back into “prove it” territory to substantiate investor estimates on profit potential at scale.