Enovix price target lowered to $12 from $17 at B. Riley

B. Riley analyst Ryan Pfingst lowered the firm’s price target on Enovix (ENVX) to $12 from $17 and keeps a Buy rating on the shares. In the sustainable energy group, renewable natural gas producers have been negatively impacted by the EPA’s proposal to use a partial waiver for supply mandates for 2024, notes the analyst. The firm is tweaking Enovix estimates ahead of the company’s report due on April 30 to better align with the expected ramp at Fab2.