Indie Semiconductor price target lowered to $10 from $12 at KeyBanc

KeyBanc lowered the firm’s price target on Indie Semiconductor to $10 from $12 and keeps an Overweight rating on the shares. Indie’s Q4 results missed estimates and its Q1 guidance was well below expectations, citing broad-based weakness within the auto market resulting in inventory destocking across its auto customers, the analyst tells investors in a research note. The firm believes the long-term outsized growth opportunity for Indie within autos remains intact.