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Earnings
Magna unable to resume providing guidance due to COVID-19 » 05:47
05/07/20
05/07
05:47
05/07/20
05:47
MGA

Magna

$36.49 /

+0.19 (+0.52%)

"We are presently…

"We are presently unable to assess the impact of the pandemic on our financial results for the remainder fiscal 2020 and remain unable at this time to resume providing an Outlook for the year." Vince Galifi, Magna's CFO commented: "Given the magnitude of the expected declines in, and uncertainty regarding, future vehicle production, we have been taking prudent actions across the company to reduce costs and conserve cash, including stopping share repurchases. Having said this, our strong balance sheet allows us to continue to invest for new programs and in new technologies to ensure our long-term success. We believe our liquidity position, which is currently about $5 billion, should allow us to withstand a COVID-19 related downturn and positions us to take advantage of value-creating opportunities."

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MGA Magna
$36.49 /

+0.19 (+0.52%)

04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/27/20 Credit Suisse
Lear upgraded to Outperform from Neutral at Credit Suisse
04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
Earnings
Magna reports Q1 adj. EPS 86c, consensus 80c » 05:46
05/07/20
05/07
05:46
05/07/20
05:46
MGA

Magna

$36.49 /

+0.19 (+0.52%)

Reports Q1 revenue…

Reports Q1 revenue $8.66B, consensus $8.43B. "Our first quarter results were below our expectations reflecting the impact of COVID-19 related customer shutdowns which started in China in late January and spread to Europe and North America in mid-March. Prior to the shutdowns, each of our operating segments was performing in-line or ahead of our expectations. Based on our expectations prior to the production suspensions compared to final production levels for the first quarter, we estimate such lost sales to have been approximately $1.1 billion and that Adjusted EBIT was negatively impacted by approximately $250 million. Income from operations before income taxes, net income attributable to Magna International Inc. and diluted EPS for the first quarter of 2020 were also negatively impacted by the COVID-19 related customer shutdowns."

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MGA Magna
$36.49 /

+0.19 (+0.52%)

04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/27/20 Credit Suisse
Lear upgraded to Outperform from Neutral at Credit Suisse
04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
Upgrade
Magna upgraded to Outperform from Neutral at Credit Suisse » 06:14
04/27/20
04/27
06:14
04/27/20
06:14
MGA

Magna

$35.16 /

+0.745 (+2.17%)

Credit Suisse analyst Dan…

Credit Suisse analyst Dan Levy upgraded Magna to Outperform from Neutral with a price target of $50, down from $55. In a research note to investors, Levy says Lear benefits from a strong balance sheet, leading stable share position, healthy free cash flow generation and less required spend on future technology/product exposures largely agnostic to AV/EV.

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MGA Magna
$35.16 /

+0.745 (+2.17%)

04/27/20 Credit Suisse
Lear upgraded to Outperform from Neutral at Credit Suisse
04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
04/14/20 Goldman Sachs
Magna initiated with a Neutral at Goldman Sachs
Upgrade
Lear upgraded to Outperform from Neutral at Credit Suisse » 06:14
04/27/20
04/27
06:14
04/27/20
06:14
LEA

Lear

$88.61 /

+3.47 (+4.08%)

, MGA

Magna

$35.16 /

+0.745 (+2.17%)

Credit Suisse analyst Dan…

Credit Suisse analyst Dan Levy upgraded Lear (LEA) to Outperform from Neutral with a price target of $120, down from $130. In a research note to investors, Levy says Lear benefits from a strong balance sheet, leading stable share position, healthy free cash flow generation and less required spend on future technology/product exposures largely agnostic to AV/EV. He adds that he prefers Lear to Magna (LEA) as he sees seating as a more defensive product area.

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LEA Lear
$88.61 /

+3.47 (+4.08%)

04/27/20 Credit Suisse
Lear upgraded to Outperform from Neutral at Credit Suisse
04/24/20 Baird
Lear upgraded to Outperform from Neutral at Baird
04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
04/14/20 Goldman Sachs
Lear initiated with a Neutral at Goldman Sachs
MGA Magna
$35.16 /

+0.745 (+2.17%)

04/27/20 Credit Suisse
Magna upgraded to Outperform from Neutral at Credit Suisse
04/14/20 Goldman Sachs
Magna initiated with a Neutral at Goldman Sachs
03/30/20
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight
Upgrade
Magna upgraded to Outperform from Neutral at Credit Suisse » 05:29
04/27/20
04/27
05:29
04/27/20
05:29
MGA

Magna

$35.16 /

+0.745 (+2.17%)

Credit Suisse analyst Dan…

Credit Suisse analyst Dan Levy upgraded Magna International to Outperform from Neutral with a $50 price target.

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MGA Magna
$35.16 /

+0.745 (+2.17%)

04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
04/14/20 Goldman Sachs
Magna initiated with a Neutral at Goldman Sachs
03/30/20
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight
03/30/20 Morgan Stanley
Magna upgraded to Equal Weight from Underweight at Morgan Stanley
Over a month ago
Periodicals
UAW official says Ford shooting for May 4 restart in Kentucky, Auto News reports » 14:30
04/16/20
04/16
14:30
04/16/20
14:30
F

Ford

$4.93 /

-0.11 (-2.18%)

, MGA

Magna

$34.08 /

-0.67 (-1.93%)

, FCAU

Fiat Chrysler

$7.70 /

-0.05 (-0.65%)

, HMC

Honda

$20.93 /

-0.46 (-2.15%)

, TM

Toyota

$121.32 /

-1.61 (-1.31%)

, VLVLY

Volvo AB

$0.00 /

+ (+0.00%)

, HYMTF

Hyundai Motor

$0.00 /

+ (+0.00%)

A UAW official said Ford…

A UAW official said Ford Motor (F) is targeting May 4 to restart assembly lines in at least one U.S. plant in Kentucky, reported Automotive News' Michael Martinez. May 4 is also the date of planned U.S. plant reopenings for Fiat Chrysler (FCAU), Honda (HMC), Hyundai (HYMTF), Volvo (VLVLY), Toyota (TM) and supplier Magna (MGA), the report noted. Reference Link

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F Ford
$4.93 /

-0.11 (-2.18%)

04/15/20
Fly Intel: Top five analyst initiations
04/14/20 Goldman Sachs
Ford, GM started at Neutral at Goldman Sachs on anticipated cash burn
04/14/20 Goldman Sachs
Ford initiated with a Neutral at Goldman Sachs
04/03/20 Wolfe Research
Ford downgraded to Peer Perform from Outperform at Wolfe Research
MGA Magna
$34.08 /

-0.67 (-1.93%)

04/14/20 Goldman Sachs
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact
04/14/20 Goldman Sachs
Magna initiated with a Neutral at Goldman Sachs
03/30/20
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight
03/30/20 Morgan Stanley
Magna upgraded to Equal Weight from Underweight at Morgan Stanley
FCAU Fiat Chrysler
$7.70 /

-0.05 (-0.65%)

03/24/20 UBS
Tesla and BMW upgraded, Ford downgraded at UBS
03/11/20 Morgan Stanley
Morgan Stanley cuts estimates for GM, Ford and FCA on coronavirus 'demand shock'
12/18/19 Evercore ISI
Evercore ISI upgrades Fiat Chrysler to Outperform after Peugeot deal formalized
12/18/19 Evercore ISI
Fiat Chrysler upgraded to Outperform from In Line at Evercore ISI
HMC Honda
$20.93 /

-0.46 (-2.15%)

04/13/20 Goldman Sachs
Honda upgraded to Buy from Neutral at Goldman Sachs
03/30/20 UBS
Toyota and Honda upgraded to Buy, Nissan cut to Sell at UBS
03/30/20 UBS
Honda upgraded to Buy from Neutral at UBS
03/23/20 BofA
Honda a reliable option under current macro conditions, says BofA
TM Toyota
$121.32 /

-1.61 (-1.31%)

03/30/20 UBS
Toyota upgraded to Buy from Neutral at UBS
02/26/20
Fly Intel: Top five analyst downgrades
02/26/20 JPMorgan
Toyota downgraded to Neutral from Overweight at JPMorgan
VLVLY Volvo AB
$0.00 /

+ (+0.00%)

03/30/20 JPMorgan
Volvo AB price target lowered to SEK 130 from SEK 165 at JPMorgan
02/06/20 Goldman Sachs
Volvo AB upgraded to Conviction Buy from Buy at Goldman Sachs
01/28/20 Baird
Volvo AB upgraded to Outperform at Baird
01/28/20 Baird
Volvo AB upgraded to Outperform from Neutral at Baird
HYMTF Hyundai Motor
$0.00 /

+ (+0.00%)

Initiation
Magna, Lear started at Neutral at Goldman Sachs on cyclical downturn impact » 19:05
04/14/20
04/14
19:05
04/14/20
19:05
MGA

Magna

$36.21 /

-0.22 (-0.60%)

, LEA

Lear

$88.29 /

+1.07 (+1.23%)

Goldman Sachs analyst…

Goldman Sachs analyst Mark DeLaney initiated coverage of Lear (LEA) and Magna (MGA) with a Neutral rating. The analyst says the shift toward SUVs/CUVs and away from sedans can help both of these companies to expand content per vehicle, but both companies are expected to be impacted by the current cyclical industry downturn. DeLaney adds that his preference is for names with more direct exposure to key secular growth drivers such as electric and autonomous vehicles.

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MGA Magna
$36.21 /

-0.22 (-0.60%)

04/14/20 Goldman Sachs
Magna initiated with a Neutral at Goldman Sachs
03/30/20
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight
03/30/20 Morgan Stanley
Magna upgraded to Equal Weight from Underweight at Morgan Stanley
03/30/20 CIBC
Magna upgraded to Outperformer from Neutral at CIBC
LEA Lear
$88.29 /

+1.07 (+1.23%)

04/14/20 Goldman Sachs
Lear initiated with a Neutral at Goldman Sachs
03/30/20 Evercore ISI
Lear downgraded to Underperform from In Line at Evercore ISI
03/30/20 Morgan Stanley
Lear downgraded to Equal Weight from Overweight at Morgan Stanley
Initiation
Magna initiated with a Neutral at Goldman Sachs » 19:00
04/14/20
04/14
19:00
04/14/20
19:00
MGA

Magna

$36.21 /

-0.22 (-0.60%)

Goldman Sachs analyst…

Goldman Sachs analyst Mark DeLaney initiated coverage of Magna with a Neutral rating.

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MGA Magna
$36.21 /

-0.22 (-0.60%)

03/30/20
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight
03/30/20 Morgan Stanley
Magna upgraded to Equal Weight from Underweight at Morgan Stanley
03/30/20 CIBC
Magna upgraded to Outperformer from Neutral at CIBC
03/24/20 BMO Capital
Magna price target lowered to $35 from $55 at BMO Capital
Recommendations
Morgan Stanley adjusts auto supplier ratings, leaving Aptiv as only Overweight » 09:13
03/30/20
03/30
09:13
03/30/20
09:13
AXL

American Axle

$3.78 /

-0.635 (-14.40%)

, LEA

Lear

$89.07 /

-6.645 (-6.94%)

, BWA

BorgWarner

$23.65 /

-1.24 (-4.98%)

, MGA

Magna

$32.10 /

+0.02 (+0.06%)

, TEN

Tenneco

$4.32 /

+0.17 (+4.10%)

, APTV

Aptiv

$51.25 /

-4.17 (-7.52%)

As previously reported,…

As previously reported, Morgan Stanley analyst Armintas Sinkevicius upgraded Aptiv (APTV) to Overweight from Underweight with a price target of $57, down from $60. He believes that it will take two to three years to return to pre-Coronavirus levels for auto suppliers and during the downturn he favors strong, versus levered, balance sheets, said Sinkevicius. In that context, he also downgraded American Axle (AXL) to Equal Weight from Overweight, downgraded Lear (LEA) to Equal Weight from Overweight with a $92 price target, downgraded BorgWarner (BWA) to Equal Weight from Overweight with a $25 price target, downgraded Tenneco (TEN) to Underweight from Equal Weight with a $2 price target and upgraded Magna (MGA) to Equal Weight from Underweight.

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AXL American Axle
$3.78 /

-0.635 (-14.40%)

03/30/20 Morgan Stanley
American Axle downgraded to Equal Weight from Overweight at Morgan Stanley
01/28/20 Citi
American Axle 'could get another look' after Delphi deal, says Citi
01/24/20 Buckingham
American Axle upgraded to Buy from Neutral at Buckingham
01/24/20 Buckingham
American Axle upgraded to Buy from Neutral at Buckingham
LEA Lear
$89.07 /

-6.645 (-6.94%)

03/30/20 Evercore ISI
Lear downgraded to Underperform from In Line at Evercore ISI
03/30/20 Morgan Stanley
Lear downgraded to Equal Weight from Overweight at Morgan Stanley
03/18/20 BofA
Lear double upgraded to Buy from Underperform at BofA
03/18/20 BofA
Lear upgraded to Buy from Underperform at BofA
BWA BorgWarner
$23.65 /

-1.24 (-4.98%)

03/30/20 Morgan Stanley
BorgWarner downgraded to Equal Weight from Overweight at Morgan Stanley
01/29/20 BofA
BorgWarner upgraded to Buy from Neutral at BofA
01/27/20 Credit Suisse
BorgWarner downgraded to Neutral from Outperform at Credit Suisse
MGA Magna
$32.10 /

+0.02 (+0.06%)

03/30/20 Morgan Stanley
Magna upgraded to Equal Weight from Underweight at Morgan Stanley
03/30/20 CIBC
Magna upgraded to Outperformer from Neutral at CIBC
03/24/20 BMO Capital
Magna price target lowered to $35 from $55 at BMO Capital
03/24/20 KeyBanc
Magna upgraded to Overweight from Sector Weight at KeyBanc
TEN Tenneco
$4.32 /

+0.17 (+4.10%)

03/30/20 Morgan Stanley
Tenneco downgraded to Underweight from Equal Weight at Morgan Stanley
10/31/19 CFRA
Tenneco downgraded to Hold from Buy at CFRA
08/14/19 Morgan Stanley
Tenneco upgraded to Equal Weight at Morgan Stanley after 65% year-to-date slide
08/14/19 Morgan Stanley
Tenneco upgraded to Equal Weight from Underweight at Morgan Stanley
APTV Aptiv
$51.25 /

-4.17 (-7.52%)

03/30/20 Morgan Stanley
Aptiv upgraded to Overweight from Underweight at Morgan Stanley
03/30/20 Morgan Stanley
Correction: Aptiv upgraded to Overweight from Underweight at Morgan Stanley
03/30/20 Evercore ISI
Aptiv downgraded to In Line from Outperform at Evercore ISI
03/18/20 BofA
Aptiv upgraded to Buy from Neutral at BofA
Upgrade
Magna upgraded to Equal Weight from Underweight at Morgan Stanley » 06:37
03/30/20
03/30
06:37
03/30/20
06:37
MGA

Magna

$32.10 /

+0.02 (+0.06%)

Morgan Stanley analyst…

Morgan Stanley analyst Armintas Sinkevicius upgraded Magna to Equal Weight from Underweight.

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MGA Magna
$32.10 /

+0.02 (+0.06%)

03/30/20 CIBC
Magna upgraded to Outperformer from Neutral at CIBC
03/24/20 BMO Capital
Magna price target lowered to $35 from $55 at BMO Capital
03/24/20 KeyBanc
Magna upgraded to Overweight from Sector Weight at KeyBanc
01/09/20 Benchmark
Magna initiated with a Buy at Benchmark

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