The Globe and Mail reports in its Tuesday, Nov. 24, edition that if you are looking for a stable stock BMO Nesbitt Burns manager Sylvain Brisebois recommends buying Magna International ($59.09). The Globe's guest columnist Jeff Buckstein writes that a strong North American housing
sector tends to be a leading
indicator for automobiles, and
this bodes well for Magna. Mr. Brisebois says: "The great thing
about Magna is they seem to be
picking the platforms that grow
the fastest. This is a parts manufacturer,
so they don't necessarily
participate in every type of car.
But the cars that they participate
in seem to be doing quite well."
ScotiaMcleod manager Greg Newman said buy Magna in The Globe on June 10 when the shares were worth $71.87. Credit Suisse analyst Dan Galves maintained his "outperform" rating on Magna in The Globe on Oct. 20. The shares could then be had for $65.28. Merrill Lynch analyst Savita Subramanian warned in The Globe on Nov. 9 that a rate hike in the United States is possible before the end of the year, which could cause a slide in the performance of dividend-payers like Magna. Magna shares were then going for $64.13.
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