Craig-Hallum downgrades Symbotic on ‘credibility hit’ from accounting problems

As previously reported, Craig-Hallum analyst Greg Palm downgraded Symbotic (SYM) to Hold from Buy with a price target of $25, down from $45, citing the company’s “accounting mishap” and associated “credibility hit.” While the firm’s long-term view remains unchanged, it sees “too much uncertainty to defend the stock” at this point, the analyst tells investors.