Magna International shares are trading lower after Goldman Sachs downgraded the stock from Buy to Neutral and lowered its price target from $73 to $58.
Portfolio Pulse from Benzinga Newsdesk
Magna International's stock (MGA) trades lower following a downgrade by Goldman Sachs from Buy to Neutral and a reduction in the price target from $73 to $58.
January 03, 2024 | 3:17 pm
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NEGATIVE IMPACT
Goldman Sachs downgraded Magna International from Buy to Neutral and lowered the price target from $73 to $58, causing the stock to trade lower.
The downgrade by a prominent investment bank like Goldman Sachs can significantly influence investor sentiment, often leading to a decrease in stock price. The reduction in the price target further suggests a lowered expectation of the company's future performance, which can negatively impact the stock in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100