RBC Capital upgraded Magna (MGA) to Outperform from Sector Perform with a price target of $52, up from $41. The firm’s channel checks suggest that while downshifting sequentially, as typical with seasonality, January U.S. auto sales are holding up. Given an improving production backdrop, U.S. December inventories being much better than expected, January U.S. sales tracking better, and Europe electric vehicle sales stronger than expected in December, pointing to a better 2025, RBC likes the setup for Magna into 2025, the analyst tells investors in a research note.
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