Enovix price target lowered to $10 from $16 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Enovix (ENVX) to $10 from $16 and keeps a Buy rating on the shares. The firm believes that Enovix has the technology to drive the next generation of smartphone batteries, but notes investors should be monitoring the company’s volume production timeline as laser dicing issues are impacting yields. As a result, Craig-Hallum is cutting its forward estimates while it waits for customer acceptance post testing.