Symbotic price target lowered to $49 from $62 at Citi

Citi lowered the firm’s price target on Symbotic to $49 from $62 and keeps a Buy rating on the shares. The company reported a softer margin performance in fiscal Q3 as well as a lower than expected Q4 guidance, which reflects some challenges related to operational execution, the analyst tells investors in a research note. Citi now expects Symbotic’s margin ramp to be somewhat slower than previously expected.