UPDATE: KeyBanc Upgrades Magna International to Buy, Reiterates $61 PT

In a report published Monday, KeyBanc upgraded its rating on Magna International

from Hold to Buy, and reiterated its $61.00 price target. KeyBanc noted, “Based on our proprietary analysis of European light vehicle sales, we are incrementally more bullish on the outlook for automotive supplier stocks over the next few quarters and are upgrading BWA and MGA to a BUY rating from HOLD rating...and adjusting estimates across our auto supplier coverage based on our belief that: 1) investors remain most concerned about the outlook for European light vehicle sales and production, with a broad range of bullish (e.g., production down 3% in 2013) and bearish (e.g. production down >10% in 2013) views.” Magna International closed on Friday at $53.12.