In a report released on November 21, James Ricchiuti from Needham reiterated a Buy rating on Symbotic (SYM – Research Report), with a price target of $58.00.
James Ricchiuti’s Buy rating for Symbotic’s stock (SYM) is largely influenced by a number of factors.
Ricchiuti was significantly impressed by Symbotic’s strong financial performance in the fourth quarter of Fiscal Year 23. The company’s revenues surpassed market expectations, with a remarkable 60% year-on-year growth, which was 25% more than the top end of the market’s predictions. Symbotic also reported a larger than expected adj. EBITDA profit for the first time since it went public in 2022.
In addition to this, Ricchiuti’s Buy rating was also influenced by the company’s promising growth outlook. The management expects the company’s revenues to grow by 75% in the first quarter, significantly more than the 67% consensus. Symbotic also forecasts that it will remain profitable on an adjusted EBITDA basis for another quarter. This reflects the increased operating leverage from the higher revenues. The expected significant increase in adjusted EBITDA in Fiscal Year 24/25, coupled with the potential upside from the new GreenBox joint venture looking ahead to Fiscal Year 26 and beyond, further supports Ricchiuti’s positive outlook for the company.
In another report released on November 21, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $60.00 price target.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Symbotic (SYM) Company Description:
SVF Investment Corp 3 is a blank check company.
Read More on SYM:
- Symbotic price target raised to $63 from $50 at KeyBanc
- Symbotic (NASDAQ:SYM) Surges After Better-than-Expected Q4 Results
- Symbotic sees Q1 revenue $350M-$370M, consensus $348.62M
- Symbotic reports Q4 EPS (8c), consensus (12c)
- Symbotic Reports 2023 Results with Record Revenue and Improved Margin as Deployments Accelerated
