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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesAnalyst RatingsGoldman Sachs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!