UPDATE: J.P. Morgan Lowering Price Target On Magna International

J.P. Morgan Chase & Co. is out with a research report on Magna International, Inc. (NYSE: MGA) and is lowering its price target to $49 from $60, and it has an Overweight rating on shares.

In a note to clients, J.P. Morgan Chase & Co. writes, "MGA's Q2 miss was largely characterized by a weaker-than-expected Europe, mainly driven by the money-losing Exteriors/Interiors unit, the same problem that has plagued the company in recent history. Losses generated by the troubled facilities (previously four but soon to be two) are now expected to be slightly larger on a per-plant basis than earlier anticipated and are likely the main driver behind MGA's downwardly revised full-year operating margin guidance (now at ~5% vs. low- to mid-5% earlier)."

Shares of MGA lost $4.34 yesterday to close at $35.08, a loss of 11.01%.