Citigroup Believes Magna International (MGA) Still Has Room to Grow


In a report released today, Itay Michaeli from Citigroup maintained a Buy rating on Magna International (NYSE: MGA), with a price target of $77. The company’s shares closed yesterday at $66.68, close to its 52-week high of $67.47.

According to TipRanks.com, Michaeli is a 4-star analyst with an average return of 9.6% and a 62.9% success rate. Michaeli covers the Industrial Goods sector, focusing on stocks such as American Axle, Lear Corp, and Autoliv.

Currently, the analyst consensus on Magna International is Moderate Buy and the average price target is $70.25, representing a 5.4% upside.

In a report issued on May 14, Evercore ISI also initiated coverage with a Buy rating on the stock with a $80 price target.

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Based on Magna International’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $660 million. In comparison, last year the company earned revenue of $9.37 billion and had a net profit of $586 million.

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Magna International, Inc. designs, develops and manufactures automotive systems, assemblies, modules and components. It assembles complete vehicle, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa.

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