Freyr Battery stock gets upgrade to buy from Morgan Stanley after 'material milestones'

Analysts at Morgan Stanley on Thursday upgraded their rating on Freyr SA (FREY) to the equivalent of buy, saying that the Norwegian battery maker's first investor day in New York City earlier in the week featured several "material milestones." Those include manufacturing batteries at Freyr's demonstration production line in Norway, "early discussions" about diversifying battery tech, and expected progress on financing, the analysts said. "We see next 3-6 months as a catalyst window for unlocking shareholder value," they said. "We believe the stock can outperform if it can successfully deliver high quality cells from the customer qualification plant (CQP) to customers, reinforcing the strategic narrative of a viable Norway/US battery player at a critical time for the development of on-shore/near-shore supply." Freyr stock has gained nearly 4% in the year-to-date, compared with an advance of about 14% for the S&P 500 index.

-Claudia Assis

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06-29-23 1240ET

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