Wells Fargo lowered the firm’s price target on Magna (MGA) to $44 from $46 and keeps an Equal Weight rating on the shares. The firm is also updating 2024-2028 estimates to reflect lower global LVP. Wells is now about 4% below consensus sales and about 6% below consensus on EBIT/DA. After a challenging 2024, 2025 looks much the same with four main challenges, the firm says. First, tariff challenges could impact U.S. suppliers who source from within North America. Second, Wells forecasts -2% LVP. Suppliers are also likely hurt by overexposure to D3 in North America and underexposure to locals in China. Finally, commercial truck and off-highway weakness persists.
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Read More on MGA:
- Albertsons terminates Kroger deal, Macy’s reports Q3 beat: Morning Buzz
- Magna downgraded to Hold from Buy at Edward Jones
- Magna downgraded to Sell from Neutral at Goldman Sachs
- Magna upgraded to Peer Perform from Underperform at Wolfe Research
- Magna price target raised to C$25.50 from C$25 at Stifel
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
