Freyr Battery (NYSE:FREY) stock is on the move Thursday following positive coverage from analysts at Morgan Stanley.
Morgan Stanley analyst Adam Jonas upgraded shares of FREY stock from “equal weight” to “overweight” today. For the record, the analysts’ consensus rating for FREY shares is “buy” based on seven opinions.
To go along with that upgrade, Jonas set a price target of $13 per share for FREY stock. That represents a potential upside of 72.2% for the company’s shares. However, it’s still below the analysts’ consensus price prediction of $17.60 per share.
What’s Behind the FREY Stock Upgrade
The Morgan Stanley analyst said the following about FREY stock in a note to clients obtained by CNBC:
“We see next 3-6 months as a catalyst window for unlocking shareholder value. In our opinion, FREY is a relatively binary investment opportunity that we believe can show meaningful progress on commercial milestones.”
With the Morgan Stanley upgrade today, shares of FREY stock are seeing heavy trading. As of this writing, more than 2.7 million shares of the battery company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 2 million shares.
FREY stock is up 24.6% as of Thursday morning but is only up 11.6% since the start of the year.
Investors looking for even more of the most recent stock market news are going to want to keep reading!
We have all of the hottest stock market coverage that traders need to know about on Thursday! Among that is a new celebrity partner for Palantir (NYSE:PLTR), why shares of Cormedix (NASDAQ:CRMD) stock are falling today, as well as what’s dragging down BioXcel Therapeutics (NASDAQ:BTAI) stock this morning. Investors can read up on all of this news at the links below!
More Stock Market News for Thursday
- PLTR Stock Alert: Palantir Announces New Celebrity Partnership
- Why Is Cormedix (CRMD) Stock Down 23% Today?
- Why Is BioXcel Therapeutics (BTAI) Stock Down 57% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.