Analyst George Gianarikas from Canaccord Genuity maintained a Buy rating on Enovix and keeping the price target at $21.00.
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George Gianarikas has given his Buy rating due to a combination of factors including Enovix’s strategic focus on the smartphone battery market, which is identified as having the largest total addressable market and highest unit volume. This focus is expected to simplify expansion into other sectors like AR/VR headsets and audio devices, creating a strong competitive advantage. Additionally, the company is making progress with potential first customer, Honor, and anticipates ramping up smartphone volume by 2026.
Enovix’s efforts in diversifying its operations, such as establishing a technical and manufacturing hub in South Korea, also contribute to its positive outlook. The company’s active pursuit of acquisitions that enhance revenue and profitability further supports its growth strategy. Despite delays in realizing returns, Gianarikas remains confident in the management’s vision and expects 2026 to be a promising year for shareholders.
Gianarikas covers the Industrials sector, focusing on stocks such as Generac Holdings, Plug Power, and Enovix. According to TipRanks, Gianarikas has an average return of 11.2% and a 42.86% success rate on recommended stocks.