Magna price target lowered to $62 from $63 at Barclays

Barclays lowered the firm’s price target on Magna to $62 from $63 and keeps an Equal Weight rating on the shares. The firm downgraded its sector view for U.S. autos and mobility to Neutral from Positive. While car maker stocks should continue outperforming, cycle and electric vehicle risks remain, the analyst tells investors inn a research note. For suppliers, the firm believes the challenges of a flat LVP environment with customer mix and margin difficulties “poses a significant overhang, which may take time to clear.”