Wells Fargo analyst Colin Langan lowered the firm’s price target on Magna (MGA) to $45 from $46 and keeps an Equal Weight rating on the shares ahead of quarterly results. Discussing the group, the firm says it expects mostly good results among suppliers. Profit-taking could ensue, if guides don’t “crush” expectations. Wells is worried about D3 pricing/volume balance and high warranties in the quarter.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGA:
- Magna price target raised to $42 from $40 at Goldman Sachs
- Magna International’s Strategic Growth and OEM Expansion: Analyst Recommends Buy Rating
- BMO Capital sees Xpeng contract award as ‘marginally positive’ for Magna
- Magna International (MGA) Wins Contract to Assemble Electric Vehicles for China’s Xpeng
- Tesla’s (TSLA) Challenger Xpeng Doubles Down on European EV Push