Martinrea downgraded to Neutral from Outperformer at CIBC

CIBC downgraded Martinrea (MRETF) to Neutral from Outperformer with a price target of C$9, down from C$14. 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.