Morgan Stanley Starts QuantumScape (QS) at Overweight; 'An Option on Solid State Battery Tech at VW Scale'
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(Updated - February 12, 2021 8:10 AM EST)
Morgan Stanley analyst Adam Jonas initiates coverage on QuantumScape (NYSE: QS) with a Overweight rating and a price target of $70.00.
The analyst commented, "Over the past decade, QS has been developing game changing solid state cell technology and has achieved promising results with its patented ceramic separator that enables higher energy density, lower cost,
improved safety and faster charging. VW has been standing behind the effort since 2012and is co-funding the ramp and demand for its first 20 GWh. Our Asia battery team likes what it sees and can understand why VW (20% shareholder) and JB Straubel (former Tesla CTO) sponsor it with such high conviction. As US-based EV players (includingFord, Apple,etc.) look to secure a domestic supply of advanced solid state technology, we believe QS may be very well positioned. Solid state batteries open up all new TAMs such as electric aviation and UAM (Urban Air Mobility). The
outcomes are binary but VW helps de-risk execution. And if it works at scale, we see scope for QS to become one of the largest companies under our coverage."
Shares of QuantumScape closed at $44.55 yesterday.
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