The Globe and Mail reports in its Tuesday edition that Citi analyst Itay Michaeli has reaffirmed his "neutral" call for Magna International. The Globe's David Leeder writes that Mr. Michaeli gave his share target a $3 trim to $57 (all figures U.S.). Analysts on average target the shares at $65.50. Seeing Magna's free-cash-flow "inflection and margin expansion stories pushed out a bit," Mr. Michaeli expects its shares to remain range bound over the near term. However, he sees "some potential" for sentiment to improve in the second half of 2024 "with margins expected to expand and with peak capex coming into better view." Mr. Michaeli says in a note: "Our 2024/2025 estimates are reduced to align with the company's latest outlook, which was modestly shy of our model at the midpoint. Our new 2026 margin estimate is at the lower end of Magna's 2026 guide, as we regard the mid/high end of the range as somewhat aggressive given recent trends (we model incrementals at 18 to 19 per cent, more in line with the '24 guide)." The Globe reported on Feb. 14, 2023, Aug. 17, 2023, Oct. 12, 2023, and Nov. 30, 2023, that Mr. Michaeli had reaffirmed his "neutral" call for Magna when it could be had for $55.86, $54.73, $52.62 and $53.91.