Shares of Navitas Semiconductor Corp (NVTS) are experiencing a significant surge in Monday's trading session, soaring by 16.26% to $9.055. The dramatic upswing comes on the heels of a bullish analyst update from Needham.

Needham analyst Quinn Bolton reaffirmed a "Buy" rating on Navitas Semiconductor and raised the price target from $8 to $13. This vote of confidence from a respected Wall Street firm has evidently sparked renewed investor interest in the semiconductor company, driving the stock to new heights.

The substantial increase in the price target suggests that Needham sees considerable upside potential in Navitas Semiconductor's future performance. While specific reasons for the upgraded outlook were not immediately available, such moves are typically based on positive assessments of a company's financial health, market position, or growth prospects. Investors appear to be reacting enthusiastically to this optimistic view, as reflected in the stock's sharp intraday rally.