BTIG upgraded Freyr Battery (FREY) to Buy from Neutral with a $4 price target The firm says the acquisition of a 5GW solar module facility in Texas from Trina Solar is a “major pivot” for Freyr, signaling an exit from its initial business plan to produce battery cells for energy storage. While solar module manufacturing is a highly competitive business with thin margins, on its previous path of battery cell manufacturing BTIG had expected Freyr to burn through its roughly $180M of cash over the next few years as it chased commercially viable batteries, the analyst tells investors in a research note. Post the module factory acquisition, Freyr should start generating EBITDA upon closing of the deal, says BTIG.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on FREY:
- FREYR Battery Appoints New COO Amid Leadership Change
- FREYR Battery Ends Licensing Agreements with 24M Technologies
- FREYR Battery Expands into U.S. Solar Market
- Freyr Battery sees FY25 EBITDA $75M-$125M
- Freyr Battery reports Q3 EPS (20c) vs. (7c) last year
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
