Enovix price target lowered to $10 from $15 at JPMorgan

JPMorgan lowered the firm’s price target on Enovix (ENVX) to $10 from $15 and keeps an Overweight rating on the shares. The firm expects Enovix to report Q1 results in-line with to slightly higher than Street estimates and show progress towards receiving smartphone purchase orders. Key investor debates remain around whether or not Enovix will meet specifications and be able to scale to mass production within 2025 and if it will actually be able to benefit from or avoid negative effects of proposed Trump tariffs amid an increasingly competitive landscape, the analyst tells investors in a research note. JPMorgan reduced out-year estimates to reflect lower units.