Enovix price target lowered to $20 from $28 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss lowered the firm’s price target on Enovix to $20 from $28 and keeps a Buy rating on the shares. The firm continues to believe Enovix’s battery technology shows massive upside as they remain on track to begin production in Malaysia in April 2024. The company guided for December revenues of $3.5M at the midpoint which includes a partial quarter of their Routejade acquisition. Craig-Hallum notes revenue estimates increased for 2024 as the acquisition is now built into its numbers.