Magna price target lowered to $52 from $60 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Magna (MGA) to $52 from $60 and keeps a Sell rating on the shares. Auto OEMs and suppliers are expected to deliver in-line to softer results this quarter due to rising input costs and weak Q1 auto sales in China, the analyst tells investors in a research note. In contrast, industrial tech companies should report solid performance and guidance, supported by improving industrial trends and strong data center demand, the firm says.