Magna price target lowered to $54 from $60 at Wells Fargo

Wells Fargo analyst Colin Langan lowered the firm’s price target on Magna (MGA) to $54 from $60 and keeps an Equal Weight rating on the shares. Despite a Tesla (TSLA) win, Magna fell about 7% after a Q4 miss and lackluster 2024 guidance, the firm says. The company continues to invest heavily in mega-trends, delaying shareholder cash return. Moreover, Magna’s guide depends heavily on operational efficiencies, Wells adds.