Symbotic price target raised to $46 from $40 at Needham

Needham raised the firm’s price target on Symbotic (SYM) to $46 from $40 and keeps a Buy rating on the shares. The company “handily beat” Q4 revenue and EBITDA consensus, and its system gross margins improved sequentially and were slightly above consensus expectations, the analyst tells investors in a research note. Symbotic’s revenue outperformance was driven by record system starts, strong progress on systems in deployment, and a record four completions, Needham adds.