Wells Fargo analyst Colin Langan lowered the firm’s price target on Magna to $51 from $62 and keeps an Equal Weight rating on the shares. The firm notes Magna fell about 16% after disappointing 2023 guidance. Expected 2022-2024 free cash flow has likely been spent on Veoneer, Wells notes, adding that with less than 10% of sales in EV & ADAS, it’s unclear if these investments will pay off.
Published first on TheFly
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