Symbotic Inc (NASDAQ:SYM) shares rose in early trading Tuesday after the company reported a decline in sales for the second fiscal quarter.
The results were reported during a exciting earnings season. Here are some key analyst expectations.
KeyBanc Capital Markets on Token
Analyst Ken Newman maintained an Overweight rating and price target of $55.
Symbotic reported its quarterly revenue and EBITDA significantly above expectations while showing strong free cash flow, Newman said in a note.
While the company announced its third-quarter fiscal guidance in line with consensus, “we believe the outlook may be modestly conservative given SYM's recent execution, reaccelerating system initiatives and improving implementation completion schedules” , he added.
The analyst increased the profit forecast for the 2024 financial year from 2 cents per share to 40 cents per share.
“Looking ahead, we view SYM as a strong secular growth story that should benefit from its solid innovation funnel, including continued ramp-ups in its GreenBox JV, equity upside opportunities in non-environment deployments and accelerated adoption of the company's BreakPack solution” , he says. wrote further.
Checking out other stock ratings from analysts.
Needham on Symbotic
Analyst James Ricchiuti reaffirmed a buy rating and price target of $54.
Symbotic reported quarterly revenue of $424.3 million, beating consensus by 3%, Ricchiuti said. The company's adjusted gross margins came in at 19.7%, up 140 basis points year-over-year, he added.
“Management expected Q3 revenue growth of 44%-51% YoY vs. consensus +44%, while SYM guided for slightly better-than-expected adj. EBITDA in the mid-range,” the analyst wrote. He increased revenue and adjusted EBITDA estimates for fiscal 2024 from $1.75 billion to $1.76 billion and from $95.6 million to $97.2 million, respectively.
SYM Price Promotion: Shares of Symbotic were up 9.63% to $45.98 at the time of publication on Tuesday.
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Photo: Symbotic video screenshot
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This article Symbotic Reports Beat First Quarter: Analysts Increase 2024 Estimates, 'Strong Secular Growth Story' originally appeared on Benzinga.com
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