FREY - FREYR Battery soars after Morgan Stanley turns bullish on the EV battery stock

2023-06-29 08:23:43 ET

FREYR Battery ( NYSE: FREY ) rallied in early trading on Thursday after Morgan Stanley upgraded the stock to an Overweight rating after having it set at Equal-Weight. The firm noted that there are still execution risks with FREYR Battery ( FREY ), but is confident key funding milestones and meaningful progress on commercial milestones can be reached in the short term.

Analyst Adam Jonas and team have the view that the stock can outperform if the Luxembourg-based company can successfully deliver high quality cells from the customer qualification plant to customers to reinforce the strategic narrative of a viable Norway-U.S. battery player at a critical time for the development of on-shore/near-shore supply.

The value proposition within FREYR Battery ( FREY ) is said to be the combination of strong industrial sponsors such as Koch and Glencore and the geography advantage of Norway having more than 50% electric vehicle penetration and a 98% mix of renewable energy.

Morgan Stanley assigned a price target of $13 to FREYR Battery ( FREY ).

Shares of FREYR Battery ( FREY ) were up 10.36 % in premarket action on Thursday to $8.37 vs. the 52-week trading range of $6.20 to $16.94.

More on FREYR Battery:

• FREYR Battery: Significantly Undervalued Battery Player
• Valuation metrics on FREYR Battery
• Recent options trades on FREYR Battery
• Seeking Alpha's Quant Rating for FREYR Battery

For further details see: