Magna Int'l (MGA) PT Lowered to $53 at JPMorgan

JPMorgan analyst Ryan Brinkman lowered the price target on Magna Int'l (NYSE: MGA) to $53.00 (from $55.00) while maintaining a Overweight rating.

The analyst comments "Our Overweight rating relative to peers reflects low and below-average valuation (third lowest out of 14 auto parts suppliers we cover on NTM EV/EBITDAP and the lowest for any investment grade rated supplier) in the context of above-average sales growth excluding its Complete Vehicles Assembly business. We estimate Magna has strong normalized free cash generation dynamics and a relatively un-levered balance sheet that provides ample opportunity for shareholder-friendly actions."

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