Indie Semiconductor price target lowered to $6 from $8 at Benchmark

Benchmark lowered the firm’s price target on Indie Semiconductor (INDI) to $6 from $8 and keeps a Buy rating on the shares. Yhough Indie’s Q1 results generally matched Street estimates, its Q2 outlook “suffered from the broader industry macro malaise recently echoed by the vast majority of indie’s auto industry supply-chain peers,” the analyst tells investors. With the company’s expectations again reset lower, the firm “can easily argue” that the company’s current scenario is “more than priced into indie’s current valuation,” the analyst added.