Shares of Navitas Semiconductor Corp (NVTS) continued their upward trajectory in pre-market trading, soaring 5.63% following a significant analyst upgrade. This surge comes on the heels of a 15% rally in the previous trading session, indicating strong momentum for the semiconductor company.

The primary catalyst for this pre-market jump is a bullish update from Needham analyst Quinn Bolton. Needham reaffirmed its "Buy" rating on Navitas Semiconductor and substantially raised its price target from $8 to $13. This new target suggests a potential upside of over 40% from the stock's previous closing price, igniting renewed investor interest in the company.

Navitas Semiconductor, a leader in gallium nitride (GaN) power semiconductors, has been gaining traction in the rapidly evolving semiconductor industry. The company's GaN technology offers significant advantages in efficiency and compactness, making it attractive for applications in consumer electronics, electric vehicles, and renewable energy systems. The analyst's bullish stance likely reflects growing optimism about Navitas' technology and its potential to capitalize on the increasing demand for more efficient power solutions across various sectors.