Analyst James Ricchiuti from Needham maintained a Buy rating on Symbotic (SYM – Research Report) and keeping the price target at $32.00.
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James Ricchiuti has given his Buy rating due to a combination of factors including Symbotic’s strong financial performance and strategic leadership changes. Despite the recent departure of their CFO, the company has shown impressive growth with a trailing twelve-month revenue of $2.1 billion and a substantial backlog of $23 billion.
Ricchiuti acknowledges the company’s early-stage status, yet highlights its profitability and potential for further expansion. The leadership adjustments, such as Rick Cohen’s return as CEO, are seen as strategic moves to enhance Symbotic’s market reach and operational efficiency, reinforcing the Buy recommendation.
In another report released on June 10, Northland Securities also maintained a Buy rating on the stock with a $35.00 price target.