Enovix downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Bill Peterson downgraded Enovix (ENVX) to Neutral from Overweight with a price target of $12, up from $9, which implies 18% downside from current levels. The firm citers valuation for the downgrade with the shares up 91% since President Trump’s “Liberation Day.” While Enovix should benefit from the recent “risk-on environment” and its capital allocation decision announcement, the current valuation is “rich” as its success is already priced in, the analyst tells investors in a research note.