Citigroup Keeps a Buy Rating on Magna International (MGA)
In a report released today, Itay Michaeli from Citigroup maintained a Buy rating on Magna International (MGA), with a price target of $60.00. The company’s shares closed last Friday at $49.16.
According to TipRanks.com, Michaeli ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -15.3% and a 50.7% success rate. Michaeli covers the Industrial Goods sector, focusing on stocks such as American Axle, BorgWarner, and Autoliv.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magna International with a $52.11 average price target, a 7.2% upside from current levels. In a report issued on August 7, RBC Capital also maintained a Buy rating on the stock with a $60.00 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 revenue of $8.66 billion and net profit of $261 million. In comparison, last year the company earned revenue of $10.59 billion and had a net profit of $1.11 billion.
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Magna International, Inc. is a mobility technology company, which supplies to the automotive industry. It operates through the following segments: Body Exteriors and Structures; Power and Vision; Seating Systems; and Complete Vehicles. The Body Exteriors and Structures segment includes body and chassis systems, exterior systems and roof systems operations. The Power and Vision segment comprises of global powertrain systems, electronics systems, mirrors and lighting and mechatronics operations. The Seating Systems segment deals with global seating systems operations. The Complete Vehicles segment focuses on vehicle engineering and manufacturing operations. The company was founded by Frank Stronach in 1957 and is headquartered in Aurora, Canada.