Canaccord Genuity analyst George Gianarikas maintained a Buy rating on Enovix (ENVX – Research Report) yesterday and set a price target of $20.00.
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George Gianarikas’s rating is based on several compelling developments surrounding Enovix’s business strategy and performance. One major factor is Enovix’s progress towards launching commercial smartphone batteries by 2025, pending customer qualification. This move is bolstered by a new purchase order from a leading OEM customer, increasing Enovix’s engagement with almost all major smartphone manufacturers.
Additionally, Enovix is preparing for initial commercial shipments to smart eyewear customers, which includes collaborations with notable American tech firms. Moreover, a new purchase order from a defense customer associated with autonomous AI systems presents a promising partnership potential. Enovix’s financial performance further supports this optimistic outlook, with results exceeding expectations and demonstrating significant revenue growth. The company’s innovative approach in leveraging silicon anodes positions it as a pioneer in breakthrough battery technology, potentially making 2025 a pivotal year for its market recognition.
According to TipRanks, Gianarikas is a 3-star analyst with an average return of 1.7% and a 39.09% success rate. Gianarikas covers the Industrials sector, focusing on stocks such as Enovix, Arq Inc, and Generac Holdings.