21:42:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 389,659,171
Close 2016-07-26 C$ 51.79
Market Cap C$ 20,180,448,466
Recent Sedar Documents

Globe says Sklar maintains Magna at "market perform"

2016-07-27 06:52 ET - In the News

The Globe and Mail reports in its Wednesday, July 27, edition that BMO Nesbitt Burns analyst Peter Sklar has raised his second quarter estimates for Magna International ($51.79 (Canadian)) to reflect "positive" production revenue mix (all subsequent figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that following a review of the June North American industry production information from Ward's Automotive, Mr. Sklar raised his earnings per share estimate for the quarter to $1.35 from $1.30. He says in a note: "Based on June production data, we have calculated the revenue mix for the company's top 20 North American platforms, which accounted for almost 70 per cent of the company's North American production revenue in Q1/16. In Q2/16, Magna's revenues from its top 20 North American platforms increased 5 per cent year over year, above Detroit Three production (flat y/y), which is a significant measure, as Detroit Three production is the basis for our earnings estimate." The BMO stockpicker reiterated his "market perform" rating for the stock. He raised his target price to $39 from $36. Analysts on average target the shares at $50.70.

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