Freyr Battery downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Freyr Battery to Equal Weight from Overweight with a price target of $2, down from $13. While the analyst has “long been cautious across much of the renewable energy/EV de-SPAC population,” the firm had previously felt that Freyr offered a differentiated strategy that, while still binary in its outcomes, offered an attractive risk/reward for investors. However, with new risks to tech, strategy and funding, the stock should trade at discount to cash value until Freyr shows progress on its sample cell campaign, the analyst tells investors.