Symbotic Analysts Increase Their Forecasts After Upbeat Sales

Symbotic Inc SYM reported better-than-expected fourth-quarter sales results on Monday.

The company reported quarterly sales of $392.00 million which exceeded the analyst consensus estimate of $306.90 million. Symbotic reported quarterly losses of 8 cents per share, a 20% increase over losses of 10 cents per share from the same period last year, according to data from Benzinga Pro.

Symbotic shares jumped 37.2% to trade at $50.97 on Tuesday.

These analysts made changes to their price targets on Symbotic following earnings announcement.

• Keybanc increased the price target on Symbotic from $50 to $63. Keybanc analyst Ken Newman maintained an Overweight rating.
• Goldman Sachs boosted the price target on Symbotic from $36 to $40. Goldman Sachs analyst Mark Delaney maintained a Neutral rating.
• Needham analyst James Ricchiuti, meanwhile, reiterated Symbotic with a Buy and maintained a $58 price target.
• Cantor Fitzgerald analyst Derek Soderberg reiterated the stock with an Overweight and maintained a $60 price target.

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