Wells Fargo lowered the firm’s price target on Magna (MGA) to $59 from $69 and keeps an Equal Weight rating on the shares. The firm notes Q1 is largely trending as expected and therefore Wells anticipates most suppliers to be in line. With that said, almost all drivers are trending worse for full year. Wells is more cautious given likely weaker China LVP and further Iran conflict downside risk. FX tailwinds have eased with a stronger USD.
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