Magna International’s “Sector Outperform” Rating Reaffirmed at CIBC (MG)
Magna International (TSE:MG)‘s stock had its “sector outperform” rating restated by CIBC in a research note issued on Tuesday, American Banking News reports.
Shares of Magna International (TSE:MG) traded up 2.18% during mid-day trading on Tuesday, hitting $87.31. 506,766 shares of the company’s stock traded hands. Magna International has a 1-year low of $50.21 and a 1-year high of $92.75. The stock’s 50-day moving average is $85.54 and its 200-day moving average is $83.57. The company has a price-to-earnings ratio of 13.33.
A number of other firms have also recently commented on MG. Analysts at RBC Capital reiterated an “outperform” rating on shares of Magna International in a research note to investors on Thursday, November 7th. They now have a C$93.00 price target on the stock, up previously from C$89.00. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Magna International from C$84.00 to C$92.00 in a research note to investors on Monday, October 21st. They now have an “underweight” rating on the stock. Finally, analysts at Canaccord Genuity downgraded shares of Magna International from a “buy” rating to a “hold” rating in a research note to investors on Monday, October 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Magna International currently has an average rating of “Hold” and a consensus target price of C$78.11.
Magna International Inc (TSE:MG) is a diversified global automotive supplier.
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