Enovix Corporation (ENVX) PT Lowered to $15 at Benchmark

Benchmark analyst Mickey Legg lowered the price target on Enovix Corporation (NASDAQ: ENVX) to $15.00 (from $25.00) while maintaining a Buy rating.

The analyst commented, "Enovix reported 1Q26 revenue of $7.6M, above guidance of $6.5–$7.5M and ahead of our estimates and consensus (~$7.0M), reflecting continued strength in Korea-based defense and industrial shipments. Non-GAAP EPS of ($0.14) came in at the better end of guidance of ($0.14–0.18) and ahead of consensus, while operating losses remained largely in-line with expectations. Non-GAAP gross margin expanded to ~26%, marking the sixth consecutive quarter of positive gross profit and underscoring continued progress on manufacturing execution. While financial performance was encouraging, we continue to view the story as primarily execution-driven, with smartphone qualification remaining the key gating item to commercialization. We are lowering our price target to $15 (from $25) to better align with current market conditions and valuation compression, though we see no fundamental change to the long-term opportunity and maintain our Buy rating."

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