The Globe and Mail reports in its Friday, Jan. 16, edition that Canaccord Genuity analyst David Tyerman has hiked his rating on Magna International ($109.89 (Canadian)) to "buy" from "hold." The Globe's Luke Kawa and Tim Shufelt write in the Eye On Equities column that Mr. Tyerman raised his target to $111 (U.S.) from $110 (U.S.). The Street on average targets the shares at $122.56 (U.S.). Mr. Tyerman believes the sell-off following Magna's reduction to 2015 sales guidance provides a buying opportunity. Magna now sees full-year sales suffering a slight dip year-over-year, based on the midpoint of the range provided by management. The analyst says: "We believe investors should benefit from good earnings-per-share growth over the next three years (14-per-cent annual growth forecasted) driven by modest sales growth, moderate margin expansion and significant share buybacks. ... We also expect commensurate or better dividend growth over that timeframe." Though the outlook for 2015 is less bright, the Canaccord stockpicker notes that Magna's guidance for 2017 implies that sales growth should ramp up in the following two years. Mr. Tyerman warns, however, that the shares could be "range-bound for some time."