Symbotic price target raised to $22 from $20 at Deutsche Bank

Deutsche Bank analyst Nicole Deblase raised the firm’s price target on Symbotic to $22 from $20 and keeps a Buy rating on the shares following its Q1 results. Symbotic accelerated its system deployments in the quarter, with 22 in progress compared to 17 in Q4 of 2022 and 9 in Q1 of 2022. The firm is encouraged by this, believing a ramp-up in deployment activity is critical to the story and as a driver of the model.