Symbotic Analysts Increase Their Forecasts After Upbeat Sales
Portfolio Pulse from Lisa Levin
Symbotic Inc (NASDAQ:SYM) reported Q4 sales of $392 million, surpassing the consensus estimate of $306.9 million. The company's quarterly losses narrowed to 8 cents per share from 10 cents per share year-over-year. Following the earnings report, SYM's stock price soared by 37.2% to $50.97. Analysts from Keybanc, Goldman Sachs, Needham, and Cantor Fitzgerald have updated their price targets and ratings for Symbotic, with most maintaining positive outlooks.
November 21, 2023 | 4:45 pm
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POSITIVE IMPACT
Symbotic Inc reported strong Q4 sales, outperforming analyst expectations, and experienced a significant stock price increase. Analysts have raised their price targets, indicating a positive outlook for the stock.
The positive earnings report and the subsequent increase in price targets by analysts suggest a strong short-term bullish sentiment for SYM. The stock's significant jump in price reflects the market's positive reaction to the news. The raised price targets from respected analysts further support the potential for continued upward momentum in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100