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Fly News Breaks for November 10, 2016
MGA
Nov 10, 2016 | 08:17 EDT
RBC Capital analyst Steve Arthur says that Magna's valuation is attractive even if it is assumed that the scrapping of NAFTA produces "extreme situations" in the North American auto market and results in "depressed earnings" for Magna. The analyst says that, based on his current estimates, Magna's valuation is well below the average of its peers. Calling this valuation discount "unwarranted," Arthur keeps a $55 price target and a Buy rating on the shares.
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