Wells Fargo analyst Rich Kwas maintained a Buy rating on Magna International (MGA) today and set a price target of $63. The company’s shares closed on Friday at $54.44.
According to TipRanks.com, Kwas is a 4-star analyst with an average return of 8.3% and a 66.0% success rate. Kwas covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Rockwell Automation Inc, and Lennox International.
Magna International has an analyst consensus of Strong Buy, with a price target consensus of $59.33, an 9.0% upside from current levels. In a report issued on February 22, BMO Capital also reiterated a Buy rating on the stock with a $64 price target.
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Based on Magna International’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $554 million. In comparison, last year the company earned revenue of $10.39 billion and had a net profit of $556 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.
