In a report released yesterday, Gabriel Daoud from TD Cowen maintained a Hold rating on Enovix (ENVX – Research Report), with a price target of $10.00.
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Gabriel Daoud has given his Hold rating due to a combination of factors related to Enovix’s current market position and future potential. While the company is on track with its plans for launching commercial smartphone batteries, with engineering samples already shipped and milestones being met, there are still uncertainties around the scale and timing of these operations. The anticipated smartphone battery launches in 2025 are contingent upon successful customer qualification and high-volume manufacturing readiness.
Additionally, while Enovix has entered new markets such as smart eyewear and defense, these are not expected to significantly impact revenue in the near term due to their smaller total addressable markets compared to consumer electronics. The focus on scaling manufacturing and securing purchase orders is critical for Enovix to support a higher volume of production in the future. Overall, while the company shows promise, the current revenue projections and market conditions justify a Hold rating.
According to TipRanks, Daoud is an analyst with an average return of -15.7% and a 32.17% success rate. Daoud covers the Energy sector, focusing on stocks such as Matador Resources, CNX Resources, and SM Energy.