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- Morgan Stanley picks up coverage again on Magna International (NYSE:MGA) with an Overweight rating.
- Analyst Adam Jonas: "While we remain cautious on auto suppliers as a group, we believe MGA offers a favorable risk/reward skew as its capabilities can increase content and relevance as the industry pivots to software-defined EVs and AVs."
- The bullish view from MS hinges on the value of Magna’s ability to engineer complete systems, to think like an OEM and to remain flexible just as car is being fundamentally re-invented from the ground up by both all-new OEMs and legacy OEMs.
- Morgan Stanley assigns a price target of $96 to MGA to rep 13% upside potential.
- Magna International (MGA) is expected to post earnings during the first week of November..