TD Cowen downgrades Freyr Battery on ‘murky’ near-term setup

TD Cowen downgraded Freyr Battery to Market Perform from Outperform with a price target of $7, down from $14. The company’s near-term setup “remains murky” with project finance for both Arctic and America yet to crystalize alongside the potential for automated production delays, the analyst tells investors in a research note. The lithium-ion batter battery supply/demand imbalance hasn’t materialized as originally expected with macro headwinds weakening battery demand, “which further causes concern,” the analyst tells investors in a research note. The firm says manufacturing batteries at scale no matter the chemistry or technology is a tough proposition.