UPDATE: BTIG Starts FREYR Battery SA (FREY) at Buy
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BTIG analyst Gregory Lewis initiates coverage on FREYR Battery SA (NYSE: FREY) with a Buy rating and a price target of $20.00.
The analyst comments "Freyr(FREY) is a pre-production battery cell manufacturer that is looking to produce green battery cells (generated from renewable power) for the electric vehicle (EV) and energy storage markets. Itsfirst battery cell manufacturing facility is set to start commercial production in 2023 in Norway and will be powered solely with hydroelectric power. FREY is positioning itself to be the cleanest battery cell manufacturer in the world. And with battery cell supply issues already rearing their ugly heads across the global EV supply chain despite EV market penetration still being in its infancy (~3% of global auto sales) and energy storage systems (ESS) set for multi- decade growth as ESSs are used to complement the build-out of wind and solar across the developed world for now (emerging markets later), we believe FREY’s European location (~70% of the world’s battery cell manufacturing capacity in China) makes it an attractive cell supplier for European auto OEMs and ESSs across Europe. We initiate with a Buy rating and a $20 PT."
Shares of FREYR Battery SA closed at $8.75 yesterday.
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