Shares of Navitas Semiconductor Corp (NVTS) experienced a significant surge, soaring 7.29% in trading. The rally was fueled by a bullish analyst update from Needham, which reaffirmed its confidence in the semiconductor company's prospects.

Needham analyst Quinn Bolton maintained a "Buy" rating on Navitas Semiconductor and substantially raised the price target from $8 to $13. This upgraded outlook, suggesting a potential upside of over 40% from the stock's previous closing price, sparked renewed investor interest and drove the sharp uptick in share value.

Navitas Semiconductor, known for its gallium nitride (GaN) power semiconductors, has been gaining attention in the rapidly evolving semiconductor industry. The analyst's bullish stance may reflect growing optimism about the company's technology and its potential applications in various sectors, including consumer electronics, electric vehicles, and renewable energy systems. As demand for more efficient and compact power solutions continues to rise, Navitas appears well-positioned to capitalize on these market trends.