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Fly News Breaks for January 12, 2018
MGA
Jan 12, 2018 | 05:48 EDT
Wells Fargo analyst Richard Kwas upgraded Magna to Outperform saying the company's consensus estimates for 2018 and 2019 are too low. The analyst sees Magna's free cash flow conversion steadily improving and believes the company is positioned to outgrow underlying production trends and deliver modest margin expansion. He raised his price target for the shares to $69. Kwas also lifted his sector rating on the Auto Suppliers to Market Weight from Underweight.
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