Symbotic Reports Q1 Beat: Analysts Boost Their 2024 Estimates, 'Strong Secular Growth Story'
Portfolio Pulse from Priya Nigam
Symbotic Inc (NASDAQ:SYM) reported a fiscal second quarter sales beat, leading to a rise in its shares by 9.63% to $45.98. Analysts from KeyBanc Capital Markets and Needham have raised their fiscal 2024 estimates for earnings, revenue, and adjusted EBITDA, citing strong execution, innovation, and growth opportunities. KeyBanc maintains an Overweight rating with a $55 price target, while Needham reaffirms a Buy rating with a $54 target.
May 07, 2024 | 4:20 pm
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Symbotic Inc reported a Q2 sales beat with shares rising 9.63% to $45.98. Analysts from KeyBanc and Needham have raised their fiscal 2024 estimates, reflecting optimism about the company's growth prospects.
The positive earnings report and subsequent analyst upgrades indicate strong performance and future growth potential for Symbotic Inc. The raised fiscal 2024 estimates by analysts from KeyBanc and Needham, along with the company's reported sales beat, suggest a bullish outlook for SYM's stock in the short term. The specific mention of innovation and growth opportunities by analysts further supports the expectation of continued positive momentum.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100