Symbiotic climbs after narrower Q2 loss, rev beat

Symbotic

07/05/2024 13:35

** Shares of warehouse automation firm Symbotic  SYM.O  jump
11.5% to $46.77 premarket
    ** Co's Q2 revenue of $424.3 mln beats analysts' estimate of
$412 mln - LSEG data 
    ** Q2 loss per share of 7 cents narrower than 10 cents per
share a year ago 
    ** Co sees Q3 revenue in the range of $450-$470 mln,
compared to expectations of $455.8 mln
    ** Deutsche Bank raises its PT on stock to $58 from $57
after Q2 results 
    ** Brokerage TD Cowen says delivering on revenue projections
and over delivering on margins important combination for co
    ** 11 brokerages maintain a "buy" or higher rating on stock,
while three rate it "hold"; median PT at $55 - LSEG data
    ** Stock jumped nearly 330% in the last year, while it is
down 18.3% so far this year 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))