Roth MKM lowered the firm’s price target on Indie Semiconductor to $10 on “lower overall tech market valuations” from $15 and keeps a Buy rating on the shares. The company reported another strong growth quarter and guided in-line with consensus, reflecting resilient INDI program ramp design and broader macro auto choppiness, the analyst tells investors in a research note. Indie Semiconductor’s strong backlog growth to $6.3B, up from $4.3B last year, bodes well for its 2024 revenue growth, the firm added.
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