KeyBanc lowered the firm’s price target on Indie Semiconductor to $9 from $10 and keeps an Overweight rating on the shares. Indie’s Q1 results and Q2 guidance were below expectations, reflecting broader weakness in auto demand, the analyst tells investors in a research note. While Indie expects inventory destocking headwinds to persist through the year, management is still expecting 20% growth in 2024, which suggests a meaningful recovery and ~30% quarter over quarter growth in Q3/Q4, which is expected to be driven by new wins in lighting, wireless charging and power distribution, KeyBanc says.
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