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 errors in its revenue recognition tied to cost overruns that are not billable on certain deployments, it was announced that Symbotic would revise its FY24 EBITDA projections downwards by $30M-$40M and adjust its fiscal Q1 revenue guidance to $480M-$500M from $495M-$515M. The full scope of the impact will be clearer once the 10-K is filed in the upcoming weeks. Analysts indicate that these restatements seem to be strictly related to accounting issues without reflecting a shift in customer behavior or order volume. However, it is anticipated that investor caution may persist until the company can restore trust in its internal accounting procedures.
Forecasting remains challenging, yet there appears to be advancement in insourcing project management that exceeds expectations. Additionally, significant projects have been secured in Mexico and initiated at GreenBox.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
