Goldman Sachs Downgrades Magna Int'l (MGA) to Sell

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Goldman Sachs downgraded Magna Int'l (NYSE: MGA) from Neutral to Sell with a price target of $47 (down from $49), which replaces their Sell on Standard Motor Products Inc. (NYSE: SMP).

The firm said this is a relative call and they do not see significant absolute downside. However, with shares rising 37% YTD it now trades at the same multiple as Delphi (Nasdaq: DLPH) and Tenneco (NYSE: TEN) despite significantly lower growth prospects.

For an analyst ratings summary and ratings history on Magna Int'l click here. For more ratings news on Magna Int'l click here.

Shares of Magna Int'l closed at $45.40 yesterday, with a 52 week range of $30.03-$54.44.

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