Magna International Receives a Buy from Canaccord Genuity

By George MacDonald

Canaccord Genuity analyst David Tyerman reiterated a Buy rating on Magna International (NYSE: MGA) yesterday. The company’s shares opened today at $53.66.

Tyerman wrote, “We continue to recommend investors BUY Magna (MGA) shares as our good outlook for the company drives a solid one-year total implied return of 14% and a good two-year total implied return of 35%”.

Magna International has an analyst consensus of Moderate Buy, with a price target consensus of $116.67.

Based on Magna International`s latest earnings report from September 30, the company posted quarterly revenue of $8.82B and quarterly net profit of $470M. In comparison, last year the company earned revenue of $9.17B and had a net profit of $458M.

Tyerman has an average return of 6.6% when recommending Magna International. According to TipRanks.com, Tyerman is ranked #2511 out of 3560 analysts.

Magna International Inc is an automotive supplier. Its product capabilities include chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules and complete vehicle engineering and contract manufacturing.