Enovix price target lowered to $16 from $25 at Northland

Northland analyst Gus Richard lowered the firm’s price target on Enovix (ENVX) to $16 from $25 and keeps an Outperform rating on the shares. The firm, which is adjusting estimates for a slower ramp of mobile phone revenue, calls the delay of the mobile phone ramp “disappointing,” particularly after Enovix raised over $500M in Q3. The firm, which contends that it is “very likely consensus estimates for CY26 are too high,” notes that its own estimates for calendar year 2026 are the “Street low.”