Enovix (ENVX) Offering Huge Upside Amid Potential Across Smartphone Battery Market

Enovix Corp (NASDAQ:ENVX) is one of the most promising small-cap industrial stocks under $50.

On December 11, George Gianarikas of Canaccord Genuity reiterated his bullish stance on Enovix Corp. (NASDAQ:ENVX). The analyst rated the stock as Buy with a target price of $21. In line with Gianarikas’s estimates, the stock has an astounding upside potential of 152%, after declining 24% during 2025.

Gianarikas has based his view on the management’s strategic identification of the smartphone battery market as the largest addressable market for the business. Not only does it offer high volumes, but it also eases the company’s access into new segments such as AR/VR headsets and audio devices. On that front, the analyst also mentioned the company’s ongoing partnership with smartphone manufacturer Honor, which is based on Enovix’s high-energy-density silicon-anode AI-1 battery.

According to Gianarikas, upside potential for the stock stems from various other factors, such as their inorganic growth strategy, diversification of revenue mix, and their plans to establish a manufacturing hub in South Korea.

Besides that, Enovix Corp (NASDAQ:ENVX) stock has received coverage from 9 analysts as of December 22. 7 analysts have given a Buy rating, and 2 have given Hold calls to the stock. According to consensus estimates, the median 1-year price target for the stock is $19, implying almost 128% upside at the current market price.

Enovix Corp (NASDAQ:ENVX) designs and manufactures lithium-ion battery cells that have applications across mobiles, IoT, electric vehicles, and computing devices. These batteries are highly efficient with supreme thermal performance, and an architecture that allows for 100% active silicon anode for high energy density.

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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Disclosure: None. This article is originally published at Insider Monkey.