Oppenheimer lowered the firm’s price target on Enovix (ENVX) to $24 from $26 and keeps an Outperform rating on the shares. The firm notes the company announced continued Fab 2 progress along with naming its lead smartphone OEM partner as yields in each of its production zones improved, but management indicated chemistry adjustments had not yet been validated for cycle life requirements delaying revenue ramp. Oppenheimer views cycle-life delays as not uncommon in new battery commercialization as testing can be cumbersome and lengthy. The firm is pushing out its ramp expectations for Fab 2 by two quarters and moderating growth for 2027/28 as a result. But it continues to believe Enovix’s architecture offers unique and valuable performance for edge devices and that the company is well positioned as a unit play on powering distributed compute.
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