Goldman Sachs upgrades Magna International (MGA+3.5%) to a Buy rating after having the auto industry supplier slotted at Neutral.
Magna is seen as being a key player in the booming electric vehicle supply chain.
Analyst Mark Delaney: "We believe its broad set of capabilities (both in auto systems and manufacturing) position it well to be a key provider for new market entrants... While pure assembly is a relatively low margin business, it can also provide opportunities to sell through higher-margin solutions tied to key secular themes."
Goldman ratchets up its price target on Magna to $120 from $97 vs. the 52-week trading range of $41.38 to $104.28 and the average Wall Street PT of $108.40.