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Fly News Breaks for December 17, 2019
MGA
Dec 17, 2019 | 06:36 EDT
RBC Capital analyst Steve Arthur resumed coverage of Magna with an Outperform rating and $76 price target. The analyst notes that while the volume growth of global auto production is slowing, the company is still winning business and expanding into new segments, with margin improvement across all regions helping it to outgrow the market. Arthur adds that the relative valuation gap on Magna shares has tightened to 5.1-times his expected 2020 EBITDA vs. peer average of 5.4-times, but still remains "reasonable".
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