indie Semiconductor (INDI – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Craig Ellis from B.Riley Financial remains neutral on the stock and has a $15.50 price target.
Craig Ellis has given his Buy rating to indie Semiconductor due to a combination of factors, most notably the company’s strong performance in the third quarter and positive outlook for the fourth quarter. Despite a slightly lower forecast for the fourth quarter, the company remains profitable. Furthermore, indie Semiconductor’s backlog has surged around 50% year-over-year to $6.3 billion, majority of which are ADAS products led by radar, vision, and sensor fusion.
Ellis believes that the company’s sequential growth and GM expansion catalysts can steadily lift shares from their current undervalued levels. Ellis also anticipates increasingly significant profitability and EPS leverage, hence retaining a $15.50 price target with a promising upside of roughly three times, sustaining the Buy rating. He also points out the consensus P/F12M sales at all-time lows of 3.5x as an attractive entry point for tactical share accumulation, with new product ramp-up and financial catalysts on the horizon.
In another report released today, Craig-Hallum also reiterated a Buy rating on the stock with a $12.00 price target.
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indie Semiconductor (INDI) Company Description:
Serving the automotive sector, indie Semiconductor develops cutting-edge semiconductors and software platforms.
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