Symbotic price target lowered to $28 from $34 at Goldman Sachs

Goldman Sachs analyst Mark Delaney lowered the firm’s price target on Symbotic (SYM) to $28 from $34 and keeps a Neutral rating on the shares. The company’s disclosure of errors in its revenue recognition last week are an incremental negative for the shares, though the firm continues to expect increased long-term revenue for Symbotic’s warehouse automation technology, including from services and software, and the stock’s valuation after the 31% decline since last week’s news is now “more reasonable”, the analyst tells investors in a research note.