Needham analyst N. Quinn Bolton raised the firm’s price target on Navitas Semiconductor to $11 from $8 and keeps a Buy rating on the shares. The company’s Q2 results saw a “strong beat” and record backlog that rose 50% from Q1, along with a pipeline that is now over $1B, the analyst tells investors in a research note. Gross margin expansion for Navitas is moderating however, and the firm expects margins to reach 43.5% two quarters later than previously expected based on the sales mix, Needham added.
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