BUZZ-Symbotic shares rise after expanding automation partnership with Walmart

October 30 - ** AI robotics company Symbotic (stock code: SYM.O) saw its pre-market share price rise by 2.8% to $38.45 on Friday, after the company reached an expanded cooperation agreement with Walmart WMT.O

** Walmart (WMT) stated on Thursday evening that it would commit around $6 billion over the next few years (link) to enhance the automation capabilities of its distribution network

** According to the agreement, SYM will provide additional automation solutions for Walmart's (WMT) 25 regional distribution centers in the United States. The agreement will support Walmart's global supply chain and upstream inventory management for e-commerce

** Walmart's pre-market share price increased by 2%, at $123.67

** According to data from London Stock Exchange Group (LSEG), among 19 analysts covering SYM, 11 assigned a "strong buy" or "buy" rating, 5 gave "hold" ratings, and 3 rated it as "sell". The median target price is $62.50

** As of Thursday's close, SYM's share price had fallen by 37% year-to-date

** SYM went public in 2022; earlier, a company supported by WMT merged with a SPAC sponsored by Japan's SoftBank (link) 9984.T

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