KeyBanc analyst Kenneth Newman downgrades $Symbotic (SYM.US)$ to a hold rating.
According to TipRanks data, the analyst has a success rate of 70.4% and a total average return of 18.0% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Symbotic (SYM.US)$'s main analysts recently are as follows:
Following the discovery of additional accounting discrepancies in its revenue recognition related to unbillable cost overruns, Symbotic has revised its FY24 EBITDA forecast downward by $30M-$40M and adjusted its fiscal Q1 revenue guidance to $480M-$500M. Although the full implications will be clearer after the 10-K filing in the upcoming weeks, it appears these restatements are strictly accounting corrections with no indications of changes in customer behavior or order volume. However, sentiment might stay guarded until there is visible improvement in the company's internal accounting controls.
Forecasting challenges persist; however, progress in insourcing project management appears to be ahead of expectations. Additionally, significant projects have been secured in Mexico and initiated at GreenBox.
Note:
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