Magna International Analysts Increase Their Forecasts After Better-Than-Expected Q2 Earnings
Portfolio Pulse from Lisa Levin
Magna International Inc (NYSE:MGA) reported better-than-expected Q2 FY23 results and raised its FY23 revenue guidance above estimates. Despite this, Magna shares fell 3.4% to close at $60.90 on Friday. Post earnings, Wells Fargo and BMO Capital raised their price targets on Magna.
August 07, 2023 | 12:32 pm
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Magna International reported better-than-expected Q2 results and raised its FY23 guidance, but its shares fell 3.4%. Analysts from Wells Fargo and BMO Capital raised their price targets on the stock.
Magna's better-than-expected Q2 results and raised FY23 guidance are positive signals that could potentially drive the stock price up. However, the stock fell 3.4% after the announcement, indicating that other market factors may be influencing the stock's performance. The raised price targets by Wells Fargo and BMO Capital suggest a positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100