1053 ET - Magna International should benefit from improving production and sales backdrop in 2025, prompting RBC analysts to upgrade the stock to outperform from sector perform. In a report, RBC analysts point to better-than-expected US inventories in December for the Canadian auto-parts manufacturer, as well as improving January sales in the US. Europe's EV sales were also stronger than-expected, the analysts said, "pointing to a better 2025, we like the setup for Magna into 2025." This should manifest in Ebitda of $3.9 billion, up from previous estimates of $3.7 billion, and a 5%-6% rise in EBIT compared with 2024 consensus levels. As well as the ratings upgrade, the company increases its target price to $52 from $41. Shares are up 2.7% to $41.30. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
January 24, 2025 10:53 ET (15:53 GMT)
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