Analysts Having a Field Day Cutting Price Targets on Magna (MGA)

November 5, 2008 10:17 AM EST

Analysts are having a field day cutting estimates and price targets on Magna International (NYSE: MGA) today. Magna reported concerning Q3 earnings yesterday before the market opened, sending its stock falling as much as 9%. After hitting the intraday low, shares rebounded and finished the trading session down just 1%.

Firms that cut their price target on Magna include:

• Citi, lowered its target from $64 to $55, but reiterated its Buy rating
  
• UBS moved its target from $50 to $45
  
• National Bank from $76 to $40
  
• Scotia from $62 to $51, and
  
• RBC cut its target from $50 to $45

Despite seemingly negative analyst sentiment surrounding Magna, traders have only taken the stock down about 1.1% this morning. Shares of Magna most recently traded at $33.62.

Magna International, Inc. operates as a diversified automotive supplier in North America, Europe, and internationally.

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