Magna price target lowered to $49 from $52 at Scotiabank

Scotiabank lowered the firm’s price target on Magna (MGA) to $49 from $52 and keeps a Sector Perform rating on the shares. Strong December sales numbers in the Autos & Components sector may be sending a false signal about the health of the auto market and, while supplier valuations remain attractive, the firm is still not ready to get constructive on the space, the analyst tells investors.