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Fly News Breaks for June 28, 2016
MGA
Jun 28, 2016 | 08:08 EDT
As noted earlier, BMO Capital downgraded Magna to Market Perform from Outperform. After reviewing new data, the firm expects U.S. light vehicle sales to remain "range bound for the next few years." BMO thinks that Brexit will lower the confidence of European consumers, hurting new vehicle sales. The firm adds that the multiples of auto suppliers not seen as pure plays on new technologies have been declining. Target to $36 from $50.
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