On Tuesday, Baird increased its price target for Symbotic Inc. (NASDAQ:SYM) shares to $53.00, up from the previous $52.00, while keeping an Outperform rating on the stock. This adjustment follows Symbotic's announcement of a sales and EBITDA beat for the second fiscal quarter, surpassing both consensus and guidance figures.
The firm also provided a positive outlook for the third fiscal quarter, with sales and EBITDA guidance at the midpoint exceeding market consensus. Symbotic is expected to resume the initiation of new Systems starts, which were paused during the second fiscal quarter.
The company's pathway to reduced cycle times and lower costs is believed to be enhanced by recent innovations, and its market expansion efforts, particularly in non-ambient sectors, are progressing.
Additionally, Symbotic's Greenbox initiative has gained traction with a new customer set to start this quarter. The expectation of further deployments over the medium term is anticipated to contribute to the company's diversification strategy.
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