The Globe and Mail reports in its Tuesday edition that Citi analyst Itay Michaeli prefers North American automakers over parts suppliers. The Globe's David Leeder writes that Mr. Michaeli opened a pair trade on Monday, going overweight on Magna International and underweight on Lear. Mr. Michaeli has reaffirmed a "neutral" recommendation and $58 share target, below the $63.11 average, for Magna shares (all figures U.S.). His Lear share target remains at $150 (versus $166.08 average) also with a "neutral" rating. Mr. Michaeli says in a note: "Key points: (1) Lear has outperformed Magna by 10 points year-to-date to trade at a more than one times '24 P/E premium. Historically these stocks have traded somewhat in lockstep and at similar multiples; (2) From a revenue exposure perspective, Magna actually seems somewhat more derisked having less exposure to China/AP, slightly more exposure to Europe and somewhat less trim-mix exposure by our estimate; (3) Both companies provided mixed/soft 2024 guides, but we'd note: Consensus estimates seem a bit more aggressive for Lear than for Magna; (b) With Lear having provided a softer 2025 backlog, consensus 2025-26 revenue growth estimates are now similar for both companies."