UPDATE: Morgan Stanley Starts FREYR Battery SA (FREY) at Overweight
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(Updated - August 4, 2021 8:49 AM EDT)
Morgan Stanley analyst Adam Jonas initiates coverage on FREYR Battery SA (NYSE: FREY) with a Overweight rating and a price target of $18.00.
The analyst commented, "We believe FREYR (FREY) offers a more compelling strategy and favorable risk-reward skew. We are also attracted to FREY's business model because it helps mitigates some important environmental externalities associated with the EV ecosystem. FREY's decision to outsource the semi-solid cell technology from 24M is meant to lower execution risk and accelerate time to production in the unique Norwegian industrial ecosystem. This leads us to initiate coverage on FREY at Overweight offering 101% upside to our DCF derived $18 price target."
Shares of FREYR Battery SA closed at $8.75 yesterday.
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