Symbotic price target raised to $32 from $16 at Citi

Citi raised the firm’s price target on Symbotic to $32 from $16 and keeps a Buy rating on the shares. Moderating macro trends should have s relatively minimal impact on the Q1 earnings for U.S. electrical equipment and industrials companies, the analyst tells investors in a research note. Still positive pricing trends and gradually moderating inflationary pressures should also be supportive of "solid profitability" while an ongoing China recovery could be a growing contributor to both Q1 results and overall 2023 expectations, contends the firm.