Magna International (MGA) enjoys a strong competitive position in the automotive industry by virtue of its complete range of interior and exterior auto systems.
The company is strengthening its positions in the emerging markets of Asia, Eastern Europe and Russia. It is also poised for growth through its major business wins from original equipment manufacturers (OEMs).
In the most recent quarter, the company outpaced the Zacks Consensus Estimate by $1.27 per share. These factors have led us to upgrade shares from Neutral to Outperform and set a target price of $91.