Symbotic price target raised to $48 from $35 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Symbotic (SYM) to $48 from $35 and keeps a Buy rating on the shares after the company and SoftBank Group (SFTBY) announced a new warehouse-as-a-service JV, addressing a market opportunity that is ripe for disruption and automation adoption. GreenBox will allow customers to benefit from all the advantages of robotic automation without the need for major capital expenditures. The firm views this announcement as an important milestone for the company and sees several other important readthroughs. Notably, the timing of this suggests Symbotic deployments are potentially scaling faster than what was previously expected, which could make Craig-Hallum’s current forward estimates prove to be conservative.