Craig-Hallum lowered the firm’s price target on Enovix (ENVX) to $12 from $18 and keeps a Buy rating on the shares. The firm notes Enovix remains largely on schedule with their smartphone ramp and highlights the company began development of custom cells with a Chinese smartphone OEM with qualification deliveries scheduled for Q2. Craig-Hallum believes qualification could last 3-9 months and is lowering its numbers to be conservative given an uncertain environment.
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