Shares of Symbotic Inc. (SYM) surged over 5% in intraday trading on Wednesday, following an analyst upgrade that boosted investor optimism around the supply chain automation company.
DA Davidson raised its rating on Symbotic to "Buy" from "Neutral", setting a new price target of $35 per share. In a research note, the firm cited Symbotic's growth prospects and competitive positioning in the warehouse robotics space as key factors behind the bullish outlook.
The analyst move sparked a rally in Symbotic's stock, which climbed as high as 5.04% to trade around $20 per share on Wednesday. The company's shares have substantially underperformed the broader market over the past year, making the upgrade a welcome development for shareholders.
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