Magna International Inc. (NYSE:MGA) has growing momentum as a “meaningful player” in emerging auto technologies, according to BMO Capital Markets.
The Analyst
BMO Capital Markets’ Peter Sklar upgraded Magna from Market Perform to Outperform and raised the price target from $64 to $75.
The Thesis
Noting that new technology “pure plays” have been receiving higher valuation multiples, Sklar said in a Monday note that his previous view was that Magna would be left behind. (See the analyst's track record here.)
The company is significantly weighted toward legacy areas such as stamping and seating, according to BMO.
Three recent developments have demonstrated Magna's ability in automotive technology, Sklar said:
The risks to BMO's thesis are the auto cycle coming to an end or a shift in investor sentiment along the same lines, Sklar said.
Price Action
Magna shares were trading up more than 3 percent at the time of publication Monday at $65.19.
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