Indie Semiconductor Inc. (INDI) shares plummeted 8.06% in the pre-market trading session on Friday, following a price target cut by KeyBanc analyst John Vinh.
According to the analyst, the firm lowered its price target on Indie Semiconductor to $7 from $8, although it maintained an Overweight rating on the shares. The downward revision in the price target likely triggered selling pressure in the stock, contributing to the sharp decline.
The stock's plunge highlights investors' sensitivity to analyst actions and their potential impact on share prices. While the rating remains positive, the lowered price target appears to have raised concerns among traders, leading to a significant sell-off in the pre-market hours.
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