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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.