Magna downgraded to Hold from Buy at TD Securities

TD Securities analyst Brian Morrison downgraded Magna to Hold from Buy with a price target of $69, down from $76, after the company lowered its 2022 guidance for the third time in this year. The share price was "appropriately punished yesterday," said the firm, which believes investors were surprised by "the magnitude of the revision and reasoning." The annual operating margin forecast was lowered by about 50 basis points, which TD sees as attributable to a combination of "one-time" items and company-specific expenses and production inefficiencies.