Enovix price target lowered to $18 from $20 at JPMorgan

JPMorgan lowered the firm’s price target on Enovix to $18 from $20 and keeps an Overweight rating on the shares ahead of the Q4 report. Sentiment on clean tech stocks remains challenged heading into the Q4 earnings cycle following several negative reports during Q3 around liquidity constraints, worse than expected demand, and cost inflation casting doubt on the group’s ability to “make it out unscathed,” the analyst tells investors in a research note. The firm thinks its overall top pick Enovix is well positioned relative to the rest of the space given “several discrete positive catalysts,” including completion of factory acceptance testing and site acceptance testing and start of high-volume manufacturing to set the stage for scale at Fab-2 and beyond.