Magna price target raised to $47 from $40 at Evercore ISI

Evercore ISI raised the firm’s price target on Magna (MGA) to $47 from $40 and keeps an In Line rating on the shares. The firm notes that Q3 global production tracking +2.5%-3% year-over-year for weighted +2%-2.5% or +3-4pts better than Suppliers’ previous July outlooks. FY25 global production is now also tracking +1%-2% year-over-year vs 0% when most suppliers last guided on Q2 calls.