Freyr Battery downgraded, price target halved at Morgan Stanley amid EV ‘reset’

As previously reported, Morgan Stanley analyst Adam Jonas downgraded Freyr Battery (FREY) to Equal Weight from Overweight with a price target of $13, down from $26. Electric vehicles, or EVs, are passing from acute under-supply to potential over-supply and Tesla’s (TSLA) recent price cuts "are just the latest sign the EV market may be entering the ‘shake-out’ phase," the firm tells investors. Morgan Stanley argues that shorter delivery times, price cuts, and falling used values "mark a new ‘reset’ chapter for EVs," which prompts them to recommend reducing exposure across the EV portfolio.