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Magna International (MG) Receives a Buy from BMO Capital


According to The Fly, magna International (MG), the Conglomerates sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Peter Sklar from BMO Capital rated Magna International (MG) a Buy.

According to TipRanks.com, Sklar is ranked #1219 out of 4912 analysts.

Magna International has an analyst consensus of Moderate Buy, with a price target consensus of C$67, implying a -2.1% downside from current levels. In a report released yesterday, Wells Fargo also maintained a Buy rating on the stock.

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Based on Magna International’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$808 million. In comparison, last year the company had a net profit of C$630 million.

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.

The company’s shares closed on Thursday at C$68.43.