Symbotic price target raised to $45 from $35 at Northland

Northland analyst Michael Latimore raised the firm’s price target on Symbotic to $45 from $35 and keeps an Outperform rating on the shares after the company announced its entry into the as-a-service market via the GreenBox JV and reported that GreenBox committed to buying $7.5B of systems over six years. The initiative more than doubles Symbotic’s market by $500B by allowing for small and mid-size companies to access its AI automation capabilities while the deal adds $11B to backlog, including $7.5B in systems revenue and $500M in annual recurring revenue post deployment, the analyst tells investors.