While the S 500 and Dow Jones Industrial Average are both inching higher to start today's trading session, there's no doubt about investors' enthusiasm for Freyr Battery (NYSE: FREY). The stock is ripping higher today thanks to the general ebullience for EV stocks as well as an analyst's bullish opinion of the lithium-ion battery company.

As of 10:51 a.m. ET on Thursday, shares of Freyr are up 20.2%.

Adam Jonas, an analyst at Morgan Stanley, was impressed with Freyr's recent Capital Markets Day presentation, and sees significant upside to its stock. Besides upgrading it to overweight from equal weight, Jonas reaffirmed a $13 price target.

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Source Fool.com