Symbotic downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Symbotic (SYM) to Market Perform from Outperform without a price target The company’s Q1 results and Q2 guidance “missed the mark,” along with flat backlog and slowing pace of system deployments, the analyst tells investors in a research note. The firm says Symbotic’s success in reducing time-to-deployment was a core tenant of its thesis, and that the current pace of 24 months shows little improvement from the rate achieved two years ago.