Enovix price target lowered to $15 from $18 at JPMorgan

JPMorgan analyst Bill Peterson lowered the firm’s price target on Enovix (ENVX) to $15 from $18 and keeps an Overweight rating on the shares ahead of the Q3 earnings report on October 29. The firm says that with short interest in the stock remaining elevated, a “squeeze” could exacerbate any positive stock reaction to favorable commentary during the earnings call, particularly around further commercial validation with customers, initial successes in the early parts of the product qualification cycle, or progress on site acceptance testing for the high-volume line. However, the firm adjusted its valuation methodology to account for multiple compression in the broader space. JPMorgan remains “cautiously optimistic” on the pace of Enovix’s revenue trajectory from 2025 onward.