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.
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Read More on INDI:
- Indie Semiconductor price target lowered to $6 from $7 at KeyBanc
- Indie Semiconductor Reports Modest Growth Amid Challenges
- Indie Semiconductor price target lowered to $4 from $6 at Roth Capital
- Indie Semiconductor reports Q1 EPS (8c), consensus (8c)
- Indie Semiconductor sees Q2 revenue $50M-$53M, consensus $56.0M
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