BWS Financial analyst Hamed Khorsand maintained a Sell rating on Symbotic (SYM – Research Report) today and set a price target of $10.00.
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Hamed Khorsand has given his Sell rating due to a combination of factors impacting Symbotic’s performance and outlook. The company’s reported revenue for the fiscal first quarter was at the lower end of their revised guidance, and their adjusted EBITDA did not meet expectations. This financial shortfall is compounded by a lack of progress in the deployment of new systems, which raises concerns about the company’s growth trajectory.
Additionally, Symbotic’s business appears to be slowing, as Walmart continues to be their primary customer, with no significant revenue contributions from other sources such as Greenbox. To add to these challenges, Symbotic is dealing with a Securities and Exchange Commission (SEC) subpoena regarding its restatement process, which is linked to an ongoing investigation into alleged whistleblower violations. These issues collectively contribute to the Sell rating assigned by Khorsand.