Freyr Battery upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Adam Jonas upgraded Freyr Battery to Overweight from Equal Weight with an unchanged price target of $13. The company’s inaugural capital markets day featured a “number of material milestones,” including manufacturing batteries at CQP, early discussions to diversify battery tech and expected progress on financing, the analyst tells investors in a research note. The firm sees the next six months as a “catalyst window for unlocking shareholder value.” It believes Freyr can show meaningful progress on commercial milestones that can potentially “unlock” subsequent funding events.