Martinrea initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Martinrea with an Outperform rating and C$16.50 price target as the firm started coverage of three Canadian auto parts suppliers. While the auto industry should benefit from secular tailwinds, the sector “looks fairly valued,” the analyst says. However, the firm still sees “pockets of value and attractive risk/reward setups,” the analyst added.