Sell Rating for Symbotic Due to High Valuation and Growth Concerns Amid Competitive PressuresValuation has risen, but growth to decel/ estimates pushing further out We are downgrading SYM to Sell. The stock has outperformed substantially (+170% since the high equity valuation, at 10x UBSe ’27 Sales, comes without much evidence of growth acceleration or new business wins outside of primary customer WMT. With F3Q results not demonstrating meaningful progress on (non- WMT) customer expansion, and also suggesting sales headwinds over the next ~3 quarters, we are more skeptical of the earnings acceleration required to justify today's valuation; we think shares are pricing in a ~50% sales CAGR through 2028 vs. our 28% estimate. The new storage technology announced by SYM is worth keeping an eye on; but, our initial view is that it can support better profitability but does not present a meaningful upside driver to near-term sales.