Enovix Corporation (ENVX) is Expanding its Revenue Funnel and Derisking the Business - Oppenheimer

November 9, 2021 9:34 AM EST
Get Alerts ENVX Hot Sheet
Price: $10.40 -4.59%

Rating Summary:
    4 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 20
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Oppenheimer analyst Colin W. Rusch reiterated an Outperform rating and $38.00 price target on Enovix Corporation (NASDAQ: ENVX) on the belief that the company is expanding the "revenue funnel" after it began manufacturing cells from its first automated Fab-1 production line in September, and expects to ship production-quality samples to customers by the end of 4Q21 for qualification. Management still anticipates first commercial production in 1Q22 and first product revenue in 2Q22.

The analyst stated that the company is "systematically derisking its manufacturing process while growing its potential sales. ENVX continues to optimize tools as it prepares to ramp capacity at its first facility in Fremont. We are encouraged that ENVX appears to be encountering normal ramp headwinds so far and is shipping samples to customers in preparation for full production samples by year-end. We also view the company’s progress in moving potential customers from targets, to pipeline, to design activity and awards as constructive for its growth ramp."

For an analyst ratings summary and ratings history on Enovix Corporation click here. For more ratings news on Enovix Corporation click here.

Shares of Enovix Corporation closed at $30.97 yesterday.

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