In a report released today, James Ricchiuti from Needham maintained a Buy rating on Symbotic (SYM – Research Report), with a price target of $32.00.
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James Ricchiuti’s rating is based on Symbotic’s strong financial performance, where the company reported first-quarter revenues that were largely in line with expectations and adjusted EBITDA that exceeded prior guidance. This positive performance was driven by impressive gross margins, leading to adjusted EBITDA surpassing consensus expectations.
Furthermore, Symbotic is poised for growth with its upcoming acquisition of the Walmart Advanced Systems and Robotics business, which is expected to enhance its operational capabilities. Although there is some cautiousness regarding growth forecasts and adjusted EBITDA for the next quarter, the company’s strategic moves and execution potential underpin the Buy rating.
According to TipRanks, Ricchiuti is a 5-star analyst with an average return of 11.4% and a 53.85% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as 3D Systems, Teledyne Technologies, and TTM Technologies.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $45.00 price target.