- Raymond James analyst Brian Gesuale initiated coverage of Symbotic Inc. SYM, an automation technology company, at Outperform, with a price target of $18, implying an upside of 23%.
- Symbotic developed an AI software platform and proprietary hardware to provide an end-to-end automation solution for large warehouse and distribution centers.
- Walmart Inc WMT is Symbotic’s strategic partner, customer, and investor and has committed over $11 billion to the company to automate its distribution centers through 2035, Gesuale stated.
- Gesuale believes that this sets the stage for a hyper-growth phase and 70+% CAGR through 2025 and an expansive TAM longer term for automation technology that approaches $400 billion.
- The analyst sees SYM’s initial beachhead in general merchandising backed by Walmart expanding by vertical market, geography, and product offering.
- Price Action: SYM shares are trading higher by 23.46% at $14.67 on the last check Tuesday.
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