Enovix and Li-Cycle Assumed at Overweight by Piper Sandler On the Most Investable Theme
By Sam Boughedda
A Piper Sandler analyst said in a note Tuesday that they are assuming coverage of Enovix Corp (NASDAQ:) and Li-Cycle Holdings Corp (NYSE:) at Overweight.
Enovix was given a $29 per share price target, while Li-Cycle’s price target was set at $10 per share.
“Energy security and climate change feature prominently in policy discussions across the western world. This is especially the case now that Russia has begun weaponizing its energy supply in Europe. In order to boost energy self-reliance while decarbonizing, it will be critical for North American and European governments to support battery supply chains that reduce reliance on China,” wrote the analyst.
Piper Sandler said the topic received special attention in the Inflation Reduction Act and they believe it represents the most investable theme in our coverage, resulting in the firm assuming coverage of Enovix and Li-Cycle.
“We recommend smid-cap investors own ENVX and LICY,” the analyst stated.
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