William Blair downgrades Symbotic amid short-cover rally

William Blair analyst Ross Sparenblek downgraded Symbotic to Market Perform from Outperform without a price target. There is a large short-cover rally taking place in Symbotic’s stock that appears to be “causing a near-term dislocation relative to fundamentals and valuation,” the analyst tells investors in a research note. The analyst expects the shares to consolidate in coming weeks with potential for some profit taking following the better than expected Q3 results.