Symbotic price target raised to $31 from $25 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Symbotic to $31 from $25 and keeps a Buy rating on the shares. The company’s Q2 results were better than expected with stronger revenue and a narrowing of the adjusted EBITDA loss, the analyst tells investors in a research note. With expected improvement in gross margins and increased leverage on op-ex, Needham is looking for significant improvement in adjusted EBITDA in FY23 and beyond, the firm added.