Piper Sandler Sees 48% Upside In Enovix; Neutral On FREYR, Microvast

  • Piper Sandler analyst Greg Tuttle initiated coverage on Enovix Corp ENVXFREYR 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.
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