UPDATE: JP Morgan Upgrades Magna on Strong Quarter

In a report released Tuesday, JP Morgan upgrades

from Underweight to Neutral with a new price target of $102 fro $93. The report states the rating is based on the recent breakout quarter and management emphasizing their goal of optimizing their balance sheet, aiming and possible share repurchasing and more acquisitions. MGA closed previously at $93.65 and opened back up Tuesday at $95.63.