Morgan Stanley has started coverage on Navitas Semiconductor (NASDAQ:NVTS) with an Equal-weight rating and price target of $9.20. The analysts said that Navitas is a differentiated power IC player, well positioned within the third generation semiconductor material markets of GaN & SiC, and they forecast 69% revenue CAGR through 2026 The analysts expect Navitas to benefit from growing market opportunity and maneuver through China localization threats. However, current valuation reflects lofty expectations. The firm's takeaway for Navitas is that as the GaN market grows, the company is likely to maintain market share due to their technology leadership and positioning as…