TD Securities Raises Magna International, Inc. (NYSE:MGA) Target Price by $ 6 To $ 64.00

Magna International, Inc. (NYSE:MGA) shares have more than 16.85 percent upside potential from the existing levels. This is based on the revised price target of TD Securities at $ 64.00 on the stock. Incidentally, the brokerage raised its price objective by $ 6 from its earlier level of $ 58.00. However, TD Securities has maintained its Buy rating on the stock, Benzinga reported.

Shares of Magna International, Inc. traded low $ -1.06 or -1.90 percent on Friday, reaching $ 54.77 with volume of 1.11 million shares. Magna International, Inc. has traded high as $ 56.66 and has cracked $ 54.73 on the downward trend According to the previous trading day, closing price of $ 54.77, representing a 145.41 % increase from the 52 week low of $ 22.75 and a 2.21 % decrease over the 52 week high of $ 57.09.

With respect to the key metrics, Magna International, Inc. stock has advanced $ 9.37 or 21.00 percent, reaching $ 45.40 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 5.50 or 11.00 percent, before arriving at $ 49.27 during the SMA50-day period.

Magna International, Inc. recently reported second quarter financial results on August 7, 2020, before market open, the Aurora based company revealed loss for the second quarter of $ 1.71 per share, from the revenue of $ 4,293.00 million. The quarterly revenues declined 57.60 percent compared with the same quarter last year. Wall street analysts are predicting, MGA to report 2Q20 loss of $ 1.64 per share from revenue of $ 4141.68 million. The bottom line results missed street analysts by $ 0.07 or 4.27 percent, at the same time, top line results outshined analysts by $ 151.32 million or 3.65 percent.

Moving ahead, the analysts surveyed by Thomson Reuters are predicting, Magna International, Inc. to report 3Q20 income of $ 1.26 per share from revenue of $ 8866.33 million. For the full year, analysts anticipate top line of $ 31281.80 million, while looking forward to income of $ 2.07 per share bottom line.

Magna International Inc. designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.