Enovix's Strategic Partnership with Honor: A Buy Rating Amidst Challenges and OpportunitiesWe expect shares to take a step back as investors digest the mixed news; however, the opportunity has not diminished, especially now that Honor has attached its name to it. Thus, we maintain our Outperform rating. Honor Named as Lead Customer. Enovix named Honor as the lead smartphone customer, which was a positive surprise to us and many who expected one of the lower-tier brands Vivo, Oppo, or Xiaomi. Honor is seen in China as a premium brand right below Apple (AAPL $270.14), and its flagship foldable Magic V Series costs up to $1,500. The company holds a top five spot with an estimated 15% market share in China, and an estimated 65 million units globally in 2025. If Enovix wins 30% market share at Honor, that enough volume to fill half of the Malaysia fab.