Symbotic Inc. (SYM), a logistics automation company, saw its shares surge 5.43% in the pre-market trading session on Monday, despite an analyst downgrade.
Craig Hallum downgraded Symbotic to a "Hold" rating and lowered the price target to $25, citing concerns about the company's growth prospects. However, the downgrade failed to dampen investor enthusiasm, as the stock continued its upward trajectory.
Despite the downgrade, analysts polled by FactSet still have an average "Overweight" rating on Symbotic, with a mean price target of $35.38, indicating potential upside for the stock.
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