Needham analyst James Ricchiuti raised the firm’s price target on Symbotic (SYM) to $25 from $18 and keeps a Buy rating on the shares. The analyst sees upside potential to the firm’s revenue assumptions for FY23 and FY24 as the company scales deployments of its systems at Walmart (WMT) and with two previously disclosed customers in the grocery wholesaling business – C&S Wholesale Grocers and UNFI. Needham adds that it is also encouraged by the progress Symbotic is making building its network of outsourcing partners, which will enable the company to accelerate the overall pace of project deployments that comprise its $12B multi-year backlog.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SYM:
- United Natural Foods announces efforts to improve supply chain capabilities
- Jefferies Euro Midcaps analyst to hold an analyst/industry conference call
- Symbotic to participate in a conference call with DA Davidson
- Symbotic management to meet virtually with DA Davidson
- The Bear Cave points to ‘problems’ at Symbotic