Shares of Freyr Battery (NYSE: FREY) had soared by about 16% as of 12:10 p.m. ET Wednesday after Morgan Stanley analyst Adam Jonas hiked his price target on the small Norwegian battery start-up, and called it his top pick among North American auto stocks.

Freyr has a number of projects coming together that will transform the company into "a real player in the global battery economy later this decade," Jonas asserted in a research note to investors.

Image source: Freyr Battery.

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Source Fool.com