Symbotic price target lowered to $47 from $60 at DA Davidson

DA Davidson analyst Matt Summerville lowered the firm’s price target on Symbotic to $47 from $60 and keeps a Buy rating on the shares after its Q3 earnings miss and below-consensus outlook. The firm is reducing its our top-line outlook and EBITDA forecast through FY26 to capture a re-cadenced deployment growth outlook as Symbotic manages cost and drives efficiency with respect to labor and project management via an internal effort, the analyst tells investors in a research note. DA Davidson now sees FY24 revenue at $1.75B vs. $1.81B prior and FY25 revenue at $2.30B vs. $2.67B prior.