Symbotic price target raised to $56 from $35 at Northland

Northland raised the firm’s price target on Symbotic (SYM) to $56 from $35 and keeps an Outperform rating on the shares. Symbotic’s growth slowed recently because of slower new system starts a year ago, but the firm expects growth improvement in the September quarter and “material improvement” in the December quarter given the accelerating number of new starts over the past three quarters, the analyst tells investors.