Magna price target raised to $66 from $54 at Wells Fargo

Wells Fargo analyst Colin Langan raised the firm’s price target on Magna to $66 from $54 and keeps an Equal Weight rating on the shares. The firm notes that shares were under pressure despite a strong beat likely reflecting high expectations, a lower implied second half of the year guidance raise, and second half of the year guidance that relies on strong performance and more stable LVP.