Symbotic price target raised to $70 from $52 at Citi

Citi analyst Andrew Kaplowitz raised the firm’s price target on Symbotic to $70 from $52 and keeps a Buy rating on the shares. The company reported another quarter of strong revenue growth, and when combined with improving operating leverage as well as the company’s expectation to break-even adjusted EBITDA in Q4, signs of ramping-up earnings momentum are showing, the analyst tells investors in a research note. The firm thinks Symbotic’s outsourcing initiatives have started to gain some traction and should, over time, further streamline the company’s operation and optimize deployment time.