Symbotic downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Mark Delaney downgraded Symbotic (SYM) to Sell from Neutral with an unchanged $47 price target The stock has risen 260% year-to-date, with the outperformance attributed to market interest in automation and robotics related assets in general, but while Symbotic’s warehouse automation technology has been very well-received by Walmart, bookings from other new independent customers have been limited in recent years, the analyst tells investors in a research note. Goldman adds that the valuation on Symbotic is stretched, with the stock now trading at a 185-times enterprise value to expected forward adjusted EBITDA multiple.