Symbotic Inc. (SYM) PT Raised to $50 at TD Cowen

TD Cowen analyst Joseph Giodano raised the price target on Symbotic Inc. (NASDAQ: SYM) to $50.00 (from $43.00) while maintaining a Buy rating.

The analyst commented, "Forecasting remains challenging, but progress insourcing project management seems ahead of expectation, and more importantly, large projects were won in Mexico and begun at GreenBox. New applications (non ambient, etc.) still a potential catalyst and backlog remains nearly $23B despite nearly $2B of rev delivery in FY24. Remain confident in tech leadership and ultimate destination - PT to $50."

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