ENVX - Why Enovix Stock Shot More Than 15% Higher Today
Stocks get price-target raises from analysts all the time, but rarely do they receive a raise like this. On Wednesday, a prognosticator nearly doubled his price on auto battery maker Enovix (NASDAQ: ENVX) . As a result, investors piled into the company, and its share price rose by more than 15%.
The analyst in question is Cowen 's Gabe Daoud Jr., who upped his Enovix price target to $36 per share, far above his previous $19 estimate. In doing so, he's maintaining his outperform (buy) recommendation on the stock.
Enovix specializes in batteries for electric vehicles (EVs) , an automotive segment that continues to be very hot and attract plenty of investor interest. This trend has only snowballed since President Joe Biden signed the Inflation Reduction Act, which contains a basket of incentives for Americans to buy EVs.
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Why Enovix Stock Shot More Than 15% Higher Today