Shares of battery solutions company, FREYR Battery (NYSE: FREY) rallied strongly in morning trading on Thursday after top-rated Morgan Stanley analyst Adam Jonas upgraded the stock to a Buy from a Hold and assigned a price target of $13, implying an upside potential of 42.2% at current levels.
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The analyst believes that the stock has a definite potential to outperform if it can meet key commercial milestones over the short term. Recently, FREYR successfully assembled, charged, and discharged battery cells at its plant in Norway. Jonas added that the company will send sample cells to its customers next month to be validated and if this is successful, it will be a big positive for FREYR.
Jonas also approved of the company’s move to expand its strategic relationships to diversify technologically as evidenced by its new agreement with Chinese battery manufacturer Sunwoda Mobility Energy.
Overall, analysts are bullish about FREY stock with a Strong Buy consensus rating based on four unanimous Buys.