UPDATE: Goldman Sachs Upgrades Magna on Improved Growth

In a report released Tuesday, analyst Patrick Archambault of Goldman Sachs boosts ratings on Magna International MGA from Sell to Neutral, with a price target of $101. The report notes, "Our rationale for the Sell rating in April 2012 was that MGA was trading at a premium to other cyclical suppliers (e.g. TEN, TRW, LEA) despite a slower growth outlook and execution concerns in the European interiors/exteriors business. Over the course of this time both revenue and EBIT growth rates have been stronger than expected on content wins and better execution." The analyst touches on MGA's current excess liquidity of approximately $1.6B, speculating that it could be used for repurchasing shares. MGA previous closed at $93.65 and rang in opening bell Tuesday at $94.91.