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.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks