Freyr Battery Shares Jump Following Analyst Upgrade: Anticipates 'Meaningful Progress On Commercial Milestones'

Shares of Freyr Battery SA (NYSE: FREY) rose in an exciting premarket session on Thursday, which saw some big moves by various stocks.

The company is poised to achieve “meaningful progress on commercial milestones,” which may unlock funding events, according to Morgan Stanley.

The Freyr Battery Analyst: Adam Jonas upgraded the rating for Freyr Battery from Equal-Weight to Overweight, while maintaining a price target of $13.

The Freyr Battery Thesis: The recent sell-off in shares and increased transparency around execution have made the stock valuation more attractive, Jonas said in the upgrade note.

Check out other analyst stock ratings.

There is upside to the stock if the company 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,” the analyst wrote.

“More than 10 strategic and industrial partners are currently evaluating the investment opportunity, and five more companies have provided preliminary indications of participation in the project level equity raise,” he added.

FREY Price Action: Shares of Freyr Battery were up 19.34% to $9.01 at the time of publishing Thursday.

Now Read: Lucid's Future Shaky, 2 More EV Makers At Risk of Bankruptcy, Warns Analyst After Lordstown's Fall