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RBC Capital Reiterates a Buy Rating on Magna International (MG)


According to The Fly, magna International (MG), the Conglomerates sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Steve Arthur from RBC Capital remains bullish on the stock.

According to TipRanks.com, Arthur is ranked #503 out of 4912 analysts.

Magna International has an analyst consensus of Moderate Buy, with a price target consensus of C$67, which is a 4.0% upside 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 Friday at C$64.43, close to its 52-week low of C$59.93.