Symbotic resumed with a Buy at Citi

Citi analyst Andrew Kaplowitz resumed coverage of Symbotic (SYM) with a Buy rating and $37 price target The firm has continued conviction in Symbotic’s ability to deliver strong earnings growth over time as the company remains a key beneficiary from investments across warehouse automation, which it believes remains an underpenetrated end market. However, the company’s recent accounting errors temper Citi’s near-term enthusiasm on Symbotic’s ability to execute.