These Analysts Slash Their Forecasts On Magna International After Q4 Results

Author: Avi Kapoor | February 12, 2024 01:39pm

Magna International Inc (NYSE:MGA) reported mixed fourth-quarter results on Friday.

Magna International reported fourth-quarter 2023 sales of $10.45 billion, almost in line with the consensus of $10.46 billion.

Adjusted net income attributable to Magna International increased $113 million in the fourth quarter of 2023 compared to the fourth quarter of 2022. Adjusted diluted earnings per share was $1.33, up from $0.94 a year ago, below the consensus estimate of $1.48, according to data from Benzinga Pro.

Magna said it sees fiscal year 2024 sales of $43.8 billion-$45.4 billion versus a consensus of $44.97 billion. The company sees adjusted net income of $1.6 billion-$1.8 billion and adjusted EBIT margin of 5.4%-6.0%.

For 2024, Magna sees Light Vehicle Production of 15.7 million, 17.4 million, and 28.3 million in North America, Europe, and China, respectively.

Magna shares rose 1.4% to trade at $55.47 on Monday.

These analysts made changes to their price targets on Magna International after the company reported quarterly results.

• BMO Capital cut the price target on Magna International from $67 to $65. BMO Capital analyst Tamy Chen maintained an outperform rating.
• RBC Capital lowered the price target on Magna International from $61 to $60. RBC Capital analyst Tom Narayan maintained a Sector Perform rating.
• Scotiabank slashed the price target on Magna International from $62 to $59. Scotiabank analyst Jonathan Goldman maintained a Sector Perform rating.

 

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Posted In: MGA