The price target is double where the stock is now.
Freyr could see its stock double — if not jump four times from where it is now — as the electric vehicle battery maker builds out its client base and production facilities and benefits from recent legislation being passed, according to Morgan Stanley. Analyst Adam Jonas named Freyr a top pick and hiked his price target on the stock to $26 per share, about double where the stock closed Tuesday.
ESS batteries are considered an essential part of electric vehicles, which have been in high demand in recent years as corporations and consumers weigh their environmental and cost impacts against gas-powered cars. Since the start of 2022, Freyr signed agreements with Powin, Honeywell and Nidec — whose partnership represents one of the largest ESS battery contracts in the world. The company aims to have plants expanded and producing on a fully automated process within the next few years.
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