Symbotic climbs after expanded automation deal with Walmart
BUZZ-Symbotic climbs after expanded automation deal with Walmart ** AI robotics firm Symbotic's SYM.O shares up 2.8% to $38.45 before the bell on Fri after expanded deal with Walmart WMT.O
** WMT late Thurs said it's committing ~$6 bln over several years to bring more automation capabilities to its distribution network
** Under the agreement, SYM to provide additional automation capabilities to 25 of WMT's US regional distribution centers; deal to support WMT's global supply chain and e-commerce upstream inventory management
** WMT stock up 2% to $123.67 premarket
** Of 19 analysts covering SYM, recommendation breakdown is 11 "strong buy" or "buy", 5 "hold" and 3 "sell"; median PT $62.50, according to LSEG data
** Through Thurs close, SYM shares shed 37% YTD
** SYM went public in 2022 after WMT-backed firm merged with SPAC sponsored by Japan's SoftBank 9984.T
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Symbotic climbs after expanded automation deal with Walmart
Brief: Walmart And Symbotic Expand Commercial Agreement To Support Supply Chain Transformation