Why Shares of Enovix Are Powering Higher Today
While markets are dipping lower to start the week, shares of Enovix (NASDAQ: ENVX) are jumping considerably higher. The lithium-ion battery manufacturer received some favorable coverage from an analyst this morning, and the market is taking note.
As of 10:18 a.m. ET on Monday, shares of Enovix are up 9.3%, having retreated from their earlier climb of 14.2%.
Ananda Baruah, an analyst at Loop Capital, lifted the price target on Enovix's stock to $100 from $50, providing an extremely bullish opinion on how much room the stock has to run. Based on where shares opened today, the new price target implies upside of 415%. According to Thefly.com, Baruah predicated the price target hike on the strength of its battery partnerships with industry leaders like Apple, Samsung, and Meta Platforms.
Source Fool.com
