Canaccord Genuity Raises Enovix's (ENVX) PT to $22, Citing Momentum from the AI-1 Platform

Enovix Corporation (NASDAQ:ENVX) is one of the best meme stocks. On August 4, Canaccord Genuity assigned a Buy rating to ENVX and lifted the price target from $20 to $22.

After Enovix’s Q2 2025 earnings call and a positive pre-announcement, along with a capital raise via a warrant dividend, analysts increased the company’s price target. The company remains financially strong, holding ample cash compared to debt and maintaining a current ratio of 4.37, which highlights solid short-term liquidity.

Canaccord pointed out the excitement around Enovix’s new AI-1 platform, which is the first smartphone battery to reach over 900 Wh/L in energy density. It also meets core consumer needs, including fast 3C charging and a cycle life now expected to last 1,000 cycles, up from 900.

The research firm stated that Enovix believes its technology is fully developed and its cells are ready for the market, but the company still needs an official order from a top smartphone manufacturer and has to prove it can scale up production.

Canaccord raised its price target to $22 after updating its discounted cash flow model. The update factored in a 14% cost of capital and 5% long-term growth, with the revision mainly tied to stronger selling price forecasts and other model tweaks.

Enovix Corporation (NASDAQ:ENVX) is an American maker of lithium-ion battery cells, with its products utilized in wearables, IoT, smartphones, computers, and electric vehicles.

While we acknowledge the potential of ENVX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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