Rosenblatt analyst Kevin Cassidy raised the firm's price target on Navitas Semiconductor to $13 from $7 and keeps a Neutral rating on the shares. Navitas has made "good strides" in pivoting away from the high-volume, lower value handset and consumer markets to high-power applications, says the analyst, who expects that Navitas, coming from a very small revenue base, should outgrow the market CAGR for "many years." However, Navitas has "many very large competitors attacking this same market," which keeps the firm cautious.
