Magna price target raised to $38 from $31 at RBC Capital

RBC Capital analyst Tom Narayan raised the firm’s price target on Magna (MGA) to $38 from $31 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q2 for global automaker OEMs. Sentiment for U.S. autos continues to be negative, with OEMs absorbing tariffs in Q2, though starting in Q3, pricing offsets will ramp up dealer inventories and pressure vehicle sales, especially given tariff pre-buy in the first half of 2025, the analyst tells investors in a research note. For the company, 2026 consensus might prove to be too high given S&P production forecasts, but self-help might be an important offset, RBC added.