Magna price target raised to $52 from $50 at Scotiabank

Scotiabank raised the firm’s price target on Magna (MGA) to $52 from $50 and keeps a Sector Perform rating on the shares. The return to the “classic” Magna model, which includes using its scale to drive efficiencies, generate FCF, and return capital, was “clearly well-received” by the market, the analyst tells investors. Now, the focus is on how realistic Q4 guidance is and whether the macro will support the buyback program into 2025, the firm adds.