Goldman Sachs analyst George Galliers has maintained their neutral stance on FREY stock, giving a Hold rating on October 25.
George Galliers has given his Hold rating due to a combination of factors concerning FREYR Battery’s financial performance and strategic plans. On the financial side, FREYR’s third quarter operating expenses were in line with expectations at $35 million, and while the company continues to invest in R&D and business development, the cash and equivalents have seen a decrease. From starting the year with $563 million, it has dropped to $328 million by the end of the third quarter due to ongoing corporate overhead spend.
In addition, strategic adjustments and delays have impacted the timeline for potential growth. FREYR had to postpone the commissioning of casting and unit cell equipment at their customer qualification plant due to its complexity. This in turn has pushed back the targeted Giga America project equity raise, originally anticipated in the fourth quarter of 2023. Instead, it will now occur following technical validation in 2024. Furthermore, FREYR has adjusted its Giga America strategy, and will no longer be pursuing a two-line project. These factors combined have led Galliers to maintain a Neutral or Hold rating on FREYR Battery.
In another report released on October 25, TD Cowen also downgraded the stock to a Hold with a $7.00 price target.
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FREYR Battery (FREY) Company Description:
Alussa Energy Acquisition Corp is a blank check company.
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