Symbotic upgraded to Buy from Neutral at DA Davidson

DA Davidson analyst Matt Summerville upgraded Symbotic to Buy from Neutral with an unchanged price target of $50 following a 24% pullback in the stock on the heels of Q1 results and guidance for Q2 suggestive of what the firm considers to be necessary spending to ensure the company can further scale concurrent deployments and deliver on installation and operational milestones. Long-term top-line visibility is “unparalleled,” says the analyst, who calls the post-earnings pullback “excessive.”