CIBC analyst Krista Friesen downgraded Magna to Neutral from Outperformer with a price target of $63, down from $70. The auto industry had a significant amount of adversity to overcome throughout 2023, says the analyst, who continues to see some uncertainty in the industry with regards to EV adoption and the associated investments as well as the macro backdrop in 2024. However, the firm expects to see production and sales rise, which “should bode well for supplier margins,” the analyst added.
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