Enovix price target lowered to $21 from $22 at Canaccord

Canaccord lowered the firm’s price target on Enovix (ENVX) to $21 from $22 and keeps a Buy rating on the shares. The firm says the company’s statement that it sees “additional lifecycle testing following…design revision” has added about 3 to 6 months to the ramp schedule, but while it admits to being “a little frustrated with another ramp delay,” it is comforted by what it views as Enovix’s strong management team, great technology, and healthy balance sheet.