Indie Semiconductor price target lowered to $4 from $6 at Roth Capital

Roth Capital lowered the firm’s price target on Indie Semiconductor (INDI) to $4 from $6 but keeps a Buy rating on the shares after its Q1 results. The company reported sequential declines, reflecting the challenging environment of auto demand, though the firm remains encouraged that new program ramps drove a y/y increase in the quarter, the analyst tells investors in a research note. Indie Semiconductor looks well positioned from growth from newer large programs as auto demand recovers and is regardless on track for operating profitability as a result of cost restructuring actions, Roth added.