Deutsche Bank Maintains Hold Rating On Magna International

Deutsche Bank released a research report Magna International Inc.

and has reiterated its ‘hold’ rating on the stock but has increased the price target from $75 to $81, citing the strong valuation possessed by the company at the current level. Magna reported its 2Q EPS of $2.78 well ahead of Deutsche Bank's estimate of $1.66 and consensus estimate of $1.50. The reason behind the phenomenal growth was a more than anticipated increase in the revenue which stood at $6.05B against the estimate of $5.49B. Along with this Magna posted an operating margin of 6.9%, way ahead of the Deutsche Bank's estimate of 4.8%.