Analysts give this under-the-radar Tesla supplier, which already has triple-digit revenue growth, serious upside potential.
Morgan Stanley expects shares in Asian battery component maker L & F Co to rally by 81% by the end of next year. The Wall Street bank named the South Korean company as a top stock idea in a note to clients on Nov. 2, reiterating its price target of 400,000 won and overweight rating. The stock closed at 221,000 won Friday. The company, which counts Tesla as one of its large customers, has been making electrodes for batteries since 2005.
L & F, which also supplies battery materials to SK Innovation, LG, and Samsung , said it intends to resubmit its application to the South Korean government in the fourth quarter. Equity analysts at Jefferies have a buy rating and 370,000-won price target on the stock, implying a 67% upside. In addition, the analysts said they have an "optimistic outlook" on the company, thanks to its 320% revenue growth in the second quarter compared to last year.
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