Enovix realignment decision unpopular but right, says Canaccord

Canaccord noted Enovix announced a realignment that will end unprofitable cell production in Fremont, save money, and focus on high-volume growth in Malaysia. The firm agrees with the decision to prioritize long-term profitable growth through customization and concentration over product standardization and short-term volumes. Canaccord maintains its Buy rating and $22 price target on Enovix shares.