Enovix: Delayed Smartphone Win but Emerging Commercial Catalysts Support Buy Rating

William Blair analyst Jed Dorsheimer has maintained their bullish stance on ENVX stock, giving a Buy rating on February 24.

Jed Dorsheimer has given his Buy rating due to a combination of factors that, in his view, skew the risk/reward profile in Enovix’s favor, even without a near‑term smartphone purchase order. He acknowledges that the flagship smartphone win is likely delayed to the back half of the year as remaining battery tests are finalized with Honor, but he sees that timeline as manageable and already reflected in the stock’s depressed valuation.

He also highlights nearer-term commercialization routes in smart glasses and drones, with a lead smart glasses customer targeting production later this year, which could provide a tangible catalyst and signal of market traction. Furthermore, management’s clear roadmap to address manufacturing bottlenecks—particularly in electrode dicing at zone 1—and ongoing R&D to improve tools and yields support his view that operational execution can improve, setting up upside potential from current levels while justifying the maintained Outperform (Buy) stance.

Based on the recent corporate insider activity of 175 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ENVX in relation to earlier this year.