Wall Street analysts bullish on Enovix technology

The Enovix Corp (NASDAQ:) price target was raised to $28 from $15 at Craig-Hallum and $22 from $20 at Canaccord in analyst notes on Thursday.

Craig-Hallum maintained a Buy rating on the stock, telling investors the firm continues to believe ENVX’s battery technology “shows massive upside as we continue to see strides toward their mid-2024 production goal.”

In addition, the firm noted that ENVX continues to remain on target for Gen-2 line milestones. “We continue to remind investors that ENVX expects samples to come from the Gen-2 line in April 2024. We further emphasize that ENVX will be installing some Gen-2-line equipment at their plant in Fremont, California and we believe the company can begin Gen-2 line sampling at the end of 2023,” the firm concluded.

Canaccord said Buy-rated ENVX has made progress on multiple fronts.

“Enovix continues to execute on its operational turnaround as it readies its Gen2 line to begin volume production next year,” the firm said, adding that the company’s technology is “truly groundbreaking.”

“We look forward to seeing real-world products, powered by Enovix batteries, in the wild this year. We are raising our price target to $22 (from $20) due to an increase in our out-year estimates based on our increased conviction that Enovix can penetrate its respective end markets with its 100% silicon cells,” it concluded.