The Globe and Mail reports in its Tuesday edition that Canaccord Genuity analyst David Tyerman raised both his near-term and midterm financial forecasts on Magna International ($65.18) after the company's latest earnings exceeded market expectations (all figures Canadian unless otherwise stated). The Globe's Darcy Keith writes in the Eye On Equities column that the maker of auto parts reported earnings per share of $1.57, compared with Street forecasts for $1.44, thanks mostly to better-than-expected European sales and margins. Magna also modestly increased its 2013 guidance. Mr. Tyerman says, "We continue to recommend buying [Magna] for solid earnings per share growth, modest multiple expansion, and the potential for additional value creation from cash deployment and/or business streamlining." Mr. Tyerman hiked his price target to $75 (U.S.) from $64 (U.S.). The Globe reports that Thomson First Call says the median target among analysts is $64 (U.S.). The Globe's Ian McGugan said in the Number Cruncher column on Sept. 18, 2012, that Magna was cheap and good for the value investor. The shares were then worth $45.13. The Globe's David Milstead was bearish on Magna on April 22, 2013, when it was worth $57.60.