UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Magna International on Positive Outlook

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Magna International MGA, and raised the price target from $78.00 to $85.00. In the report, Deutsche Bank noted, “Though the company did not provide any new financial disclosure or provide new targets, they did discuss their strong positions in a number of products which should contribute above average growth (benefiting from increased focus on light-weighting/fuel economy, safety, global platforms, and growth in Asia). And they conveyed strong confidence in their ability to improve profitability going forward through a combination of factors including a ‘world class manufacturing' initiative, restructuring in Europe, re pricing a contract in South America, and strong growth in Asia.” Magna International closed on Thursday at $82.80.