The 800V AI Data Center Shift Could Reprice Navitas Semiconductor (Rating Downgrade)

I rate Navitas Semiconductor a Buy with a $19 price target, implying 31.4% upside from the current level of $14.46. NVTS's new mix can become more valuable if AI data center power, grid and energy infrastructure and industrial electrification scale as expected. In my model, I have estimated these drivers add roughly $0.36 of incremental EPS by 2029, helping NVTS move from a 2026 normalized EPS of ($0.17) to a 2029 EPS of +$0.19. I arrive at my price target by applying a 100x FWD non-GAAP P/E multiple to my 2029 estimated EPS of $0.19. Navitas is still subscale, unprofitable, and highly dependent on execution. If the AI power ramp is delayed, if gross margins disappoint, or if dilution continues, the stock could compress sharply.

I am rating Navitas Semiconductor Corporation (NVTS) a Buy rating with a price target of $19, representing a 31.4% upside potential from the current price of $14.46. I do so because I believe the market is