Symbotic price target lowered to $45 from $54 at Craig-Hallum

Craig-Hallum analyst Greg Palm lowered the firm’s price target on Symbotic to $45 from $54 and keeps a Buy rating on the shares. The firm notes Symbotic posted mixed results and offered softer guidance, sending shares down almost 20% in after-hours trading. Commentary suggests elongated construction schedules and implementation costs were the culprit, which increased costs in the quarter and will slow deployments in the current one. Importantly, Craig-Hallum believes these issues will be resolved quickly and is defending the stock as a result.