Battery maker Enovix has the capacity to surge in coming quarters, according to Loop Capital.
Enovix Corp. is set for a major rally, according to Loop Capital. The Chicago-based investment bank doubled its price target on the battery-maker's stock to $100 from $50 and reiterated a buy rating. The new price target implies that the stock could surge 425% from where shares closed Friday, at roughly $19.
"We believe this could move the stock tremendously," Baruah wrote. "We further believe ENVX is un-acquirable for the time being, providing an opportunity to maximize stock price L-T, as they have all large customers wanting their product." The company may also announce an electric vehicle partnership in 2022 and begin to see revenue from the car in 2023.