Magna International (MGA) Gets a Hold Rating from Evercore ISI

By Jason Carr

In a report issued on August 8, Chris McNally from Evercore ISI reiterated a Hold rating on Magna International (MGAResearch Report), with a price target of $52. The company’s shares closed on Friday at $49.77.

McNally noted:

“We reiterate our MGA PT) based on a reduced secular story (ADAS L2.5+ execution worrying; Electrification/Powertrain continuing to be a 4 letter word globally for suppliers), but highlight that MGA’s historical PE trading range of 6.0-8.5x fwd would argue the stock now sits right below the middle of its trading range and hedge funds may cover shorts and move on to the next supplier with wobbly guidance outlook.”

According to TipRanks.com, McNally is ranked #1966 out of 5240 analysts.

The word on The Street in general, suggests a Hold analyst consensus rating for Magna International with a $52.50 average price target.

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The company has a one-year high of $57.85 and a one-year low of $42.51. Currently, Magna International has an average volume of 1.17M.

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