Piper Sandler Sees 48% Upside In Enovix; Neutral On FREYR, Microvast - FREYR Battery (NYSE:FREY), Enovix (NASDAQ:ENVX), Microvast Holdings (NASDAQ:MVST)

Piper Sandler analyst Greg Tuttle initiated coverage on Enovix Corp ENVX, FREYR Battery SA FREY, and Microvast Holdings Inc MVST.
The analyst initiated Enovix with an Overweight rating and a price target of $39, implying an upside of 48.5%.
Tuttle says the company is "uniquely situated" in North America with an early-mover advantage in the U.S. lithium-ion battery manufacturing supply chain for consumer electronics.
The analyst notes Enovix will supply the global consumer electronics industry with next-generation 3D architecture 100% silicon anode batteries, which he views as a high margin opportunity.
The analyst initiated FREYR Battery with a Neutral rating and a price target of $11, implying a downside of 7%.
Tuttle mentions that the company is seeking to become the lowest carbon intensity battery manufacturer via giga factories in Europe and the U.S.
However, "without current operations and the need to heavily risk the business model," the analyst started shares with a Neutral.
The analyst initiated Microvast with a Neutral rating and a price target of $8, implying an upside of 11%.
Price Action: ENVX shares are trading higher by 4.83% at $26.26, FREY higher by 2.75% at $11.77, and MVST higher by 0.84% at $7.20 on the last check Friday.