Benzinga | Dec 2, 2021 11:25AM EST

Craig-Hallum Bullish On Enovix, Sees Huge Upside

* Craig-Hallum analyst Anthony Stoss initiated Enovix Corp (NASDAQ:ENVX) with a Buy rating and a price target of $50, an upside of 48%.

* The analyst believes an investment in Enovix is a "rare opportunity" to invest in a highly disruptive technology presented to a market about to inflect meaningfully.

* As portable consumer devices continue to become more complex, EVs gain market share, and renewable energy begins to make up a significant portion of our energy grid, energy storage demand is set to grow rapidly. However, Stoss mentions that with the existing Li-ion battery density growing at a 4% CAGR, existing battery technology cannot meet these market needs effectively.

* Enovix, an advanced battery company that offers a substantial energy density increase to existing Li-ion cells today, is poised to fill this need, Stoss contends.

* Price Action: ENVX shares traded higher by 1.97% at $33.70 on the last check Thursday.