Enovix price target raised to $20 from $15 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Enovix to $20 from $15 and keeps a Buy rating on the shares. The firm continues to believe Enovix’s battery technology shows massive upside as it has been sampling EX-1M batteries with smartphone OEMs and plan to ship samples from the Malaysian Fab during Q3. Further, Craig-Hallum highlights Enovix announced two customer agreements, one with a Fortune 200 company for IoT applications and an MOU with an EV OEM aimed at scaling cell architecture for the EV markets.