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MGA

Magna

$54.15

1.63 (3.10%)

08:09
10/02/18
10/02
08:09
10/02/18
08:09

Magna, Altran create engineering services joint venture in Morocco

As Morocco emerges as a competitive export-focused production base for global automakers, a new resource for vehicle engineering services has also launched: a joint venture between Magna and Altran Technologies. Magna's complete vehicle engineering and manufacturing group and Altran each hold 50% of the joint-venture company. The joint venture, located in Casablanca, Morocco, under the name MG2 brings together Magna's complete vehicle know-how and process competence and Altran's strengths as a locally established partner. Approximately 500 engineers from the two companies will initially staff the joint venture. Morocco, 14 km south of the European continent, offers a low-cost base to produce vehicles for export to Europe. The country has a stated goal of building one million vehicles per year by 2025 and has been successful in attracting automakers and investment in new production plants to achieve that goal.

MGA Magna
$54.15

1.63 (3.10%)

05/14/18
EVER
05/14/18
INITIATION
Target $80
EVER
Outperform
Magna initiated with an Outperform at Evercore ISI
As noted earlier, Evercore analyst Chris McNalty initiated Magna with an Outperform rating and a price target of $80. The analyst says the company is "hiding in plain sight" the investment opportunity to own a "best-in-class, diversified, mega supplier" with "strong" visibility to transform its business from legacy toward growth over the course of the next cycle. McNalty adds that his Sum-of-Parts valuation model is also "compelling" while anticipating an inflection in margins and accelerating growth in FY19.
08/28/18
WELS
08/28/18
NO CHANGE
WELS
Tentative U.S./Mexico trade deal a starting point for auto stock recovery, says Wells Fargo
Wells Fargo analyst Richard Kwas believes the U.S./Mexico tentative trade deal is a positive for the automotive space in the interim. In his view, part of the recent underperformance has come from trade uncertainty. NA centric supplier names like Magna (MGA) and Tower International (TOWR) could be the biggest beneficiaries. MGA does have material revenue exposure to Canada and therefore the absence of Canada in a final agreement would create some level of complication for the company relative to the rest of supplier group, he notes. Kwas believes the decision to limit non Mexico/U.S. content to 25% of vehicle value coupled with the 40%-45% minimum threshold for $16/hour manufacturing jobs should stabilize or increase U.S. share of vehicle production.
09/13/18
CIBC
09/13/18
UPGRADE
CIBC
Outperformer
Magna upgraded to Outperformer from Neutral at CIBC
09/13/18
09/13/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Snap (SNAP) upgraded to Hold from Sell at Pivotal Research with analyst Brian Wieser saying risks are still present, especially in the near-term, but current trading levels balance those risks with the company' long-term potential. 2. DaVita (DVA) upgraded to Neutral from Underweight at JPMorgan with analyst Gary Taylor saying he now believes is it much more likely that California Governor Brown will veto the recently passed SB1156, which he notes would curtail the financial arbitrage that dialysis providers enjoy from charitable premium assistance. 3. Intel (INTC) upgraded to Market Perform from Underperform at Northland with analyst Auguste Richard saying the stock has corrected 23% from its 52-week high and is down 20% since mid-June. 4. Magna (MGA) upgraded to Outperformer from Neutral at CIBC. 5. Flowserve (FLS) upgraded to Buy from Neutral at Northcoast. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

LLNW

Limelight Networks

$5.07

0.12 (2.42%)

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DM

Dominion Energy Midstream

$18.39

0.04 (0.22%)

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DOCU

DocuSign

$46.26

-1.305 (-2.74%)

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DIS

Disney

$116.26

-0.83 (-0.71%)

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  • 08

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AAPL

Apple

$215.98

-5.22 (-2.36%)

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Options
Apple put buyer realizes 10% same-day gains »

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PYPL

PayPal

$77.50

-2.61 (-3.26%)

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STNL

Sentinel Energy

$9.81

(0.00%)

08:00
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ADBE

Adobe

$250.46

-8.44 (-3.26%)

07:58
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VLKAY

Volkswagen

$0.00

(0.00%)

, RNLSY

Renault

$0.00

(0.00%)

07:58
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Periodicals
Volkswagen wins as EU set to back wifi over 5G, Reuters says »

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VLKAY

Volkswagen

$0.00

(0.00%)

RNLSY

Renault

$0.00

(0.00%)

DDAIF

Daimler AG

$0.00

(0.00%)

03/08/13
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RDFN

Redfin

$16.49

-0.68 (-3.96%)

07:58
10/19/18
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  • 13

    Nov

VRTX

Vertex

$179.00

-6.46 (-3.48%)

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Vertex receives European CHMP positive opinion for KALYDECO »

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  • 22

    Oct

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PACB

Pacific Biosciences

07:57
10/19/18
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07:57
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  • 01

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OZK

Bank OZK

$34.85

-1.57 (-4.31%)

07:57
10/19/18
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Bank OZK rating change  »

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  • 19

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    Oct

IVZ

Invesco

$21.26

0.32 (1.53%)

07:57
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FOXA

21st Century Fox

$45.81

-0.01 (-0.02%)

07:55
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21st Century Fox initiated  »

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  • 14

    Nov

OCUL

Ocular Therapeutix

$6.17

-0.2 (-3.14%)

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  • 27

    Nov

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    Dec

STT

State Street

$79.62

-2.5 (-3.04%)

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  • 19

    Oct

ENDP

Endo

$17.53

0.47 (2.76%)

07:52
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  • 08

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SREV

ServiceSource

$2.60

-0.08 (-2.99%)

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  • 07

    Nov

CLDR

Cloudera

$14.78

-0.575 (-3.74%)

, HDP

Hortonworks

$19.01

-0.85 (-4.28%)

07:51
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CLDR

Cloudera

$14.78

-0.575 (-3.74%)

HDP

Hortonworks

$19.01

-0.85 (-4.28%)

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  • 29

    Oct

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VLP

Valero Energy Partners

$39.94

0.5 (1.27%)

, VLO

Valero

$103.31

-0.36 (-0.35%)

07:51
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Valero Energy Partners, Valero rating change  »

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VLP

Valero Energy Partners

$39.94

0.5 (1.27%)

VLO

Valero

$103.31

-0.36 (-0.35%)

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  • 25

    Oct

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    Oct

PANW

Palo Alto Networks

$202.61

-3.375 (-1.64%)

07:50
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  • 10

    Dec

CTXS

Citrix

$103.40

-1.73 (-1.65%)

07:48
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  • 24

    Oct

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    Oct

HON

Honeywell

$155.22

-2.73 (-1.73%)

07:48
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Breaking Hot Stocks news story on Honeywell »

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  • 19

    Oct

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