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Magna price target lowered to $65 from $74 at BMO Capital
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Magna price target lowered to $65 from $74 at BMO Capital

BMO Capital analyst Peter Sklar lowered the firm’s price target on Magna to $65 from $74 but keeps an Outperform rating on the shares. The company’s 2023 guidance was weaker than expected due to margin pressure, but while the stock will likely be volatile in the coming days, there is value in the name, the analyst tells investors in a research note. Magna is a bellwether global auto parts stock and should participate in the strength that the firm is expecting for the sector, BMO Capital adds, further stating that its Advanced Driver Assistance Systems could be highly valued by investors as a "high growth business".

Published first on TheFly

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