Magna upgraded to Buy at BofA on more constructive auto supplier view

As previously reported, BofA upgraded Magna to Buy from Neutral with a price target of $85, up from $65. The firm is taking a more constructive view on auto suppliers given improving industry dynamics and notes that is supplier estimates are 5%-10% above consensus on average over the time frame of 2023 to 2025. Higher auto volumes and lower costs “add fuel to the upside” for the group, the analyst added.