Symbotic price target raised to $18 from $17 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Symbotic to $18 from $17 and keeps a Buy rating on the shares after its Q1 results. The company is off to a "strong start" in 2023 and its outlook for Q2 is "solid", the analyst tells investors in a research note. Needham adds that with expected improvement in gross margins and increased leverage on operating expenditure, the firm sees significant improvement in adjusted EBITDA in FY23 and beyond.