Symbotic price target raised to $25 from $18 at Needham

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.