Navitas Semiconductor (NVTS) PT Lowered to $10 at Rosenblatt

Rosenblatt analyst Kevin Cassidy lowered the price target on Navitas Semiconductor (NASDAQ: NVTS) to $10.00 (from $12.00) while maintaining a Buy rating.

The analyst commented: "First quarter results were inline with the consensus, with revenue was up 73% y/y. Management highlighted multiple new designs across all end markets and regions. These designs now add up to $1.6B in estimated revenue generation up from $1.2B in December. However, in the near-term, macroeconomics have revenue guidance for June at $20mn. The headwinds are coming from Solar and Industrial markets. This is consistent with Navitas' peers. We are reducing our estimates to account for a slower GaN and SiC products adoption and lowering our 12-month target price to $10 (from $12) based on 9x our NTM sales."

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