Enovix ‘joined the party’ at CES, but specifics are ‘lacking’ says TD Cowen

TD Cowen analyst Gabe Daoud notes that U.S.-listed battery stocks continue to outperform on fears over a China trade/tariff war with CES this week also providing “an avenue for news flow.” As expected, Enovix (ENVX) “joined the party” by announcing it received a “landmark”, “sizeable” and “pre-paid” purchase order from a Silicon Valley-based technology company to supply batteries for head-worn Mixed Reality wearables, but order specifics weren’t provided, “which to us suggests it’s likely immaterial,” the analyst tells investors. The firm maintains a Hold rating and $10 price target on Enovix shares.