Enovix price target lowered to $12 from $18 at JPMorgan

JPMorgan analyst Bill Peterson lowered the firm’s price target on Enovix to $12 from $18 and keeps an Overweight rating on the shares ahead of the Q1 report on May 12. The firm thinks investors will want more confidence around the time line from sampling through product launch in Enovix’s various verticals and the outlook on midterm revenue trajectory. The firm de-risked its 2025-2027 estimates in advance of earnings on expectations that Enovix’s smartphone and PC product ramps will be more gradual than previously expected and uncertain launch volumes. However, the stock remains a top pick within JPMorgan’s clean tech coverage.