Indie Semiconductor upgraded to Buy from Neutral at B. Riley

B. Riley analyst Craig Ellis upgraded Indie Semiconductor to Buy from Neutral with a price target of $13, up from $10, after Indie announced it has entered a definitive agreement to purchase GEO Semiconductor for $180M in cash and stock with a $90M earn-out. The firm, which had expected Indie to be acquisitive, said "this deal’s revenue size and strategic fit are a little bigger and better than we expected, even acknowledging a fairly high bar" and the firm is incrementally more confident that a full ADAS solution, including a strong radar component, has even better mid-term commercial prospects than previously forecast.