Benzinga | Dec 17, 2021 03:16PM EST

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

* Piper Sandler analyst Greg Tuttle initiated coverage on Enovix Corp (NASDAQ:ENVX), FREYR Battery SA (NYSE:FREY), and Microvast Holdings Inc (NASDAQ: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.