Magna price target lowered to $47 from $50 at CIBC

CIBC analyst Krista Friesen lowered the firm’s price target on Magna to $47 from $50 and keeps a Neutral rating on the shares. The firm was not overly surprised by Magna lowering its guidance with Q2 earnings, but was surprised by the company’s decision to lower its longer-term 2026 guidance. This “gives us pause” as it suggests the company is having a difficult time adapting and adjusting to the significant changes occurring in the auto industry, the analyst tells investors in a research note. CIBC is concerned by the lack of clarity looking out to 2026, saying Magna was unable to provide the segmented guidance it provided in February.