Enovix downgraded to Market Perform at TD Cowen after 74% year-to-date rally

As previously reported, TD Cowen analyst Gabe Daoud downgraded Enovix to Market Perform from Outperform with a price target of $20, up from $19. While the firm remains “constructive” on the long-term investment case, further outperformance from here remains predicated on Gen2 success that won’t become apparent until Q2 or Q3 of 2024 “at the earliest” and “significant success is already priced in” with the stock up 74% year-to-date and 61% in just the last 18 trading days, the analyst tells investors.