Symbotic price target raised to $35 from $23 at Raymond James

Raymond James raised the firm’s price target on Symbotic to $35 from $23 and keeps an Outperform rating on the shares. Symbiotic reported better than expected Q2 results, including 177% topline growth and an EBITDA loss that was better than the Street, the analyst tells investors in a research note. Symbiotic’s outsourcing initiative is hitting its stride, which is a much-needed investment that will be foundational in supporting future growth, the firm contends.