Symbotic price target raised to $30 from $22 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on Symbotic to $30 from $22 and keeps a Buy rating on the shares. The analyst cites the company’s ongoing progress with scaling up third-party manufacturing and implementation resource partners, initial success in driving down implementation time, and trajectory of ongoing system implementations. Symbotic balance sheet is also solid and the company remains positioned to exit its FY23 with a positive EBITDA run-rate, DA Davidson tells investors in a research note.