Needham lowered the firm’s price target on Navitas Semiconductor to $7 from $9 but keeps a Buy rating on the shares. The company posted a solid quarter but lower guide as weak macro demand is affecting its non-Mobile markets, the analyst tells investors in a research note. Navitas is seeing near-term demand weakness in EV, EV charging, Industrial and Solar markets, and overall hasn’t observed signs of a broader recovery for second half of 2024, the firm added. Needham states however that Mobile strength continues, and the company’s opportunity pipeline has grown to $1.6B, up from over $1.2B last quarter.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NVTS:
- EY Announces Gene Sheridan of Navitas Semiconductor as an Entrepreneur Of The Year® 2024 Greater Los Angeles Award Finalist
- Navitas highlights EV high-speed hybrid power semiconductor advances
- Navitas Highlights EV High-speed Hybrid Power Semiconductor Advances in China Innovation Summit Keynote
- Navitas Semiconductor to Report Q1 2024 Financial Results on Thursday, May 9th, 2024
- Navitas Semiconductor announces GaNFast adopted by Virtual Forest