Magna price target lowered to $47 from $57 at RBC Capital

RBC Capital lowered the firm’s price target on Magna to $47 from $57 and keeps a Sector Perform rating on the shares after its Q2 earnings miss and guidance cut. The updated outlook implies a significant upswing in EBIT across the company’s business segments, and while its UAW comps and some one-timers should help, for the most part, Magna’s improved margin profile is a “show-me story”, the analyst tells investors in a research note. RBC also cuts its FY24 EPS view by 10c to $5.31 and its FY25 view by $1.12 to $6.04.