Enovix Corporation (ENVX) PT Maintained at $35 at Northland Capital Markets

Northland Capital Markets analyst Gus Richard maintained the price target on Enovix Corporation (NASDAQ: ENVX) at $35.00 while maintaining an Outperform rating.

The analyst commented, "ENVX reported Q3 results. ENVX is a pre-revenue company and the key metrics in our view are cash burn and active designs + design wins. Cash on the balance sheet at the end of the quarter was $339M in-line with our model. Active designs + design wins grew 21.6% Q/Q to $335M. We believe that this reflects strong customer engagements. We reiterate our OP and increase our PT to $35."

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