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.
Source Fool.com
