Magna price target lowered to $63 from $69 at TD Securities

TD Securities lowered the firm’s price target on Magna to $63 from $69 and keeps a Buy rating on the shares as part of a Q1 preview. While the stock has proven to be a “value trap, as the industry takes one step forward followed by one back, over a 12-month horizon, Magna offers a compelling risk/reward profile, the analyst tells investors in a research note. With a higher-for-longer rate outlook, growth weighted toward the second half of 2024, and Fisker a potential margin headwind, TD’s target return is likely toward the back-half of its time horizon, the analyst tells investors in a research note.