Morgan Stanley notes sodium-ion batteries are moving into commercial deployment with its expert analyst envisaging China's sodium-ion deployment rising towards 1,000 gigawatt hours by 2035 and with energy density already around 175Wh/kg making it viable for budget EVs and light trucks.
Sodium-ion is expected to increasingly replace lithium iron phosphate in mass-market applications, and the latter's share in entry-level passenger vehicles falling below 20% by 2031 and sodium-ion rising to 50%.
Equal-weight rating and $5.60 target retained for PLS. Industry view: Attractive.
Sector: Materials.
Target price is $5.60.Current Price is $6.43. Difference: ($0.83) - (brackets indicate current price is over target). If PLS meets the Morgan Stanley target it will return approximately -15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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