Magna International Given “Outperform” Rating at Zacks (MGA)
Magna International (NYSE:MGA)‘s stock had its “outperform” rating restated by Zacks in a research report issued on Friday, Analyst Ratings Net reports. They currently have a $101.00 target price on the stock. Zacks‘ target price points to a potential upside of 19.53% from the stock’s previous close.
Zacks‘ analyst wrote, “Magna posted a 35.4% increase in adjusted earnings per share to $1.53 in the third quarter of 2013, outpacing the Zacks Consensus Estimate of $1.33. Revenues rose 12.5% to $8.34 billion, beating the Zacks Consensus Estimate of $8.26 billion. For 2013, Magna expects revenues between $33.9 billion and $34.8 billion. Magna is expanding its footprint globally through the establishment of a powertrain facility in China, a seat component plant in Serbia and a firm in Turkey. In addition, stringent regulatory requirements are expected to boost sales in the future. The company also maintains a strong cash position which facilitates regular capital deployment. We have maintained our Outperform recommendation on the stock. “
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Magna International from $93.00 to $101.00 in a research note to investors on Tuesday, January 21st. They now have an “outperform” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Magna International from $78.00 to $85.00 in a research note to investors on Friday, November 22nd. They now have a “hold” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “positive” rating on shares of Magna International in a research note to investors on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Magna International currently has a consensus rating of “Buy” and an average target price of $88.63.
Shares of Magna International (NYSE:MGA) traded up 1.16% on Friday, hitting $85.48. The stock had a trading volume of 268,311 shares. Magna International has a 52 week low of $50.77 and a 52 week high of $88.98. The stock has a 50-day moving average of $83.33 and a 200-day moving average of $81.95. The company has a market cap of $19.112 billion and a price-to-earnings ratio of 13.57.
Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.
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