Morgan Stanley says this battery stock is worth buying and can rally more than 70%

The firm upgraded shares to overweight from equal weight.

Freyr could see monster gains over the next 12 months after a slow start to 2023, according to Morgan Stanley. Analyst Adam Jonas upgraded the battery stock to overweight from equal weight. His $13 price target implies shares could rally 72.2% from Wednesday's close. "We see next 3-6 months as a catalyst window for unlocking shareholder value," Jonas said in a Wednesday note.

mountain FREYR, year to date Freyr should be able to progress on commercial goals such as battery production and cell delivery that can then lead to subsequent funding events, Jonas said. Recently, the company achieved a goal of assembling, charging and discharging battery cells at a plant in Norway and is likely to send sample sells to customers in the next month to validate.

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