Symbotic's (SYM) diversification of its customer base is currently underway, as demonstrated by its announcement of Medline as a healthcare customer, Oppenheimer analysts said in a Tuesday note.
Analysts said that Medline opens a new end market and validates its ability to meet "lofty" growth expectations, while the company expects to announce its first Greenbox customer within 90-180 days.
The company is investing in bot design and downstream software capabilities, driving customer interest and stickiness, as it can deliver more tailored solutions, Oppenheimer said.
The analysts increased the company's fiscal 2026 revenue estimate to $2.58 billion from $2.53 billion. Analysts polled by FactSet expect $2.71 billion.
Oppenheimer has an outperform rating on the stock and a $83 price target.
Symbotic shares were nearly 35% higher in recent trading at $74.78.
Price: 75.13, Change: +19.67, Percent Change: +35.46
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