UPDATE: J.P. Morgan Raises Price Target on Magna International to $54

According to J.P. Morgan, Magna International (NYSE: MGA) price target is raised to $54.

J.P. Morgan said that Q3 revealed individually small but multiple execution missteps in several parts of MGA's global operations, frustrations that continue to overshadow what we believe is long-term value stemming from 1) company-specific European margin turnaround potential, and 2) accretive balance sheet use. “Maintain our Overweight but see no reason to chase near term.”

Magna International closed yesterday at $34.89.