Benzinga | Nov 23, 2021 06:21AM EST

Read Why Deutsche Bank Sees 'Compelling Growth Potential' In This Semiconductor Developer

* Deutsche Bank analyst Ross Seymore last night initiated coverage of Navitas Semiconductor Corp (NASDAQ:NVTS) with a Buy and $22 price target, implying a 21.95% upside.

* The analyst sees "compelling growth potential" in the gallium nitride semiconductor market.

* While Navitas' revenue base is currently small, the company has high visibility through the first half of 2023 and robust engagements with critical manufacturers in the enterprise, Seymore notes.

* Navitas Semiconductor develops ultra-efficient gallium nitride (GaN) semiconductors that are revolutionizing power electronics.

* Related Content: Why Are Navitas Semiconductor Shares Surging Today?

* Price Action: NVTS shares traded higher by 3.44% at $18.66 in the premarket session on the last check Tuesday.