Magna price target lowered to $36.50 from $44 at CIBC

CIBC analyst Krista Friesen lowered the firm’s price target on Magna (MGA) to $36.50 from $44 and keeps a Neutral rating on the shares. The firm appreciates that the auto suppliers are trading near multi-year lows, but it views the tariffs by the U.S. as an “existential threat to the industry.” The implementation of tariffs creates “significant uncertainty for an industry that has worked to integrate itself since the introduction of the Canada-United States Automotive Products Agreement in 1965,” the analyst tells investors in a research note.