On Thursday, Cantor Fitzgerald maintained its Overweight rating on Symbotic Inc. (NASDAQ:SYM) with a steady price target of $60.00. This confirmation comes after Symbotic revised its financial statements for fiscal year 2024, leading analysts at Cantor Fitzgerald to adjust their revenue and earnings per share (EPS) forecasts for the company. According to InvestingPro data, Symbotic, currently valued at $19.56 billion, has shown significant volatility with a beta of 1.77, making it more responsive to market movements than average.
Symbotic's restated financials for fiscal 2024, which were released in December 2024, indicated lower quarterly revenue throughout the year. As a result, Cantor Fitzgerald's full-year 2024 revenue estimate for Symbotic was reduced to $1.788 billion from the previous $1.861 billion. Similarly, the full-year 2024 EPS estimate was revised downward from $0.25 to $0.08. Despite these revisions, InvestingPro data reveals impressive revenue growth of 51.94% over the last twelve months, suggesting strong underlying business momentum.
The revisions have had a cascading effect on future estimates as well. The analyst noted that due to the lowered fiscal 2024 revenue, projections for subsequent years were also adjusted, although growth rates remained unchanged. Symbotic's first-quarter 2025 revenue guidance was reduced to $490 million from the earlier $505 million forecast. Consequently, Cantor Fitzgerald's full-year 2025 revenue projection for Symbotic was decreased to $2.321 billion from $2.420 billion, and the EPS estimate was also revised downward, from $0.42 to $0.40.
Looking further ahead, the firm's projections for fiscal year 2026 were adjusted in light of the revised figures. The full-year 2026 revenue estimate was lowered to $3.164 billion from the initial $3.300 billion forecast, and the EPS estimate for the same period was decreased from $0.88 to $0.83.
Despite these adjustments, Cantor Fitzgerald's overall stance on Symbotic shares remains positive, as reflected in the maintained Overweight rating and $60.00 price target. The firm's analysts continue to monitor Symbotic's performance and financial updates closely, with the next earnings report due on February 3, 2025. For deeper insights into Symbotic's financial health and growth potential, InvestingPro subscribers can access 12 additional ProTips and a comprehensive Pro Research Report, which provides detailed analysis of the company's performance metrics and growth trajectory.
In other recent news, Symbotic Inc. has been in the spotlight with several significant developments. The company has entered into a strategic agreement to acquire Walmart (NYSE:WMT)'s Advanced Systems and Robotics business, a move expected to add over $5 billion to Symbotic's future backlog. The deal also involves Symbotic developing an advanced solution for Walmart's Accelerated Pickup and Delivery centers, further expanding the company's market potential.
In the realm of financial analysis, Oppenheimer has initiated coverage on Symbotic with an Outperform rating and a price target of $35.00, highlighting the company's disruptive potential in the warehouse and distribution center market. Similarly, Citi has resumed coverage on the company with a Buy rating, despite recent accounting challenges, reflecting confidence in Symbotic's potential for earnings growth.
Meanwhile, DA Davidson has upgraded Symbotic's stock rating from Neutral to Buy following a thorough review of the company's financial restatements. TD Cowen has also maintained its Buy rating on Symbotic's stock, although it adjusted its price target down to $45 from $50. These ratings and adjustments underscore the ongoing interest and confidence in Symbotic's financial health and future prospects.
Furthermore, Symbotic reported a 55% year-over-year increase in Q4 revenue, totaling $577 million, and expects a 40% year-over-year increase for Q1 2025. This growth is bolstered by the acquisition of Veo Robotics and a partnership with Walmart Mexico, projected to add approximately $400 million to the company's backlog. These recent developments highlight Symbotic's robust growth trajectory and strategic positioning in the market.
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