Craig-Hallum says Indie Semiconductor positioned for growth, starts with "buy"

indie Semiconductor

12/07/2021 13:47

** Shares of the automotive chipmaker  INDI.O  rally 6.8%
premarket to $9.68
    ** Brokerage Craig-Hallum starts with "buy" and PT of $18,
representing a near doubling from INDI's last close; median PT
is $18.5, as per Refinitiv data
    ** We believe INDI is able to win over the competition given
their ability to integrate their solutions and drive down costs
for customers - Craig-Hallum
    ** Says shares present "a great buying opportunity" as INDI
is trading below auto semiconductor peers based on enterprise
value-to-sales 
    ** "With revenues expected to grow significantly, margins
expanding and (more than $2 bln) in strategic backlog, we look
for the valuation gap between peers to close" - brokerage
    ** INDI down 31% YTD as of last close

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))