Indie Semiconductor price target lowered to $7 from $8 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on Indie Semiconductor (INDI) to $7 from $8 and keeps an Overweight rating on the shares. The firm notes Indie reported in-line Q4 results and guided Q1 lower. Lowered guidance is being impacted by uncertainty around tariffs as auto Tier 1s and OEMs have uncertainty regarding where to relocate manufacturing, which is disrupting new product ramps, while weak end demand particularly in Europe due to share loss to China OEMs is also negatively impacting demand. While KeyBanc is disappointed in these results, it views Indie as well positioned to significantly outpace auto market growth once new programs begin to ramp and cyclical headwinds abate given meaningful design wins in vision, radar, and user experience.