Bank of America Securities Sticks to Their Buy Rating for Magna International (MGA)
In a report released today, Alexander Perry from Bank of America Securities reiterated a Buy rating on Magna International, with a price target of $80.00.
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Perry covers the Consumer Cyclical sector, focusing on stocks such as Group 1 Automotive, Lithia Motors, and AutoNation. According to TipRanks, Perry has an average return of -2.2% and a 37.93% success rate on recommended stocks.
In addition to Bank of America Securities, Magna International also received a Buy from Scotiabank’s Jonathan Goldman in a report issued on May 1. However, on the same day, Evercore ISI maintained a Hold rating on Magna International (NYSE: MGA).
Based on Magna International’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$10.21 billion and a GAAP net loss of C$11.8 million. In comparison, last year the company earned a revenue of C$10.07 billion and had a net profit of C$146 million
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MGA in relation to earlier this year.
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