Goldman Sachs Reports on Magna International (MGA)

Goldman Sachs commented on Magna International MGA in a report released yesterday. In the report, Goldman was mixed on the company. Goldman Sachs writes, “MGA reported 1Q11 EPS of $1.34 vs. our forecast of $1.18 and the Street of $1.12. The beat was largely top line-driven (revenue up 34% yoy vs. our forecast of 20% yoy) with operating margins of 5.0% only 20bps better than our estimate of 4.8%. We are revising our 2011/2012/2013 EPS estimates to $5.03/$6.47/$7.00 from $4.56/$6.07/$6.63; our 6-month price target goes to $58 from $57, previously.” Goldman Sachs has a Neutral rating on Magna and a price target of $58.00. Shares of the company closed at $52.40, up slightly from the opening price of $52.39.