These Analysts Slash Their Forecasts On Magna International After Q4 Results
Portfolio Pulse from Avi Kapoor
Magna International Inc (NYSE:MGA) reported mixed Q4 2023 results with sales of $10.45 billion, slightly below consensus. Adjusted net income increased to $113 million, but EPS of $1.33 missed estimates. The company forecasts FY 2024 sales between $43.8 billion and $45.4 billion, with adjusted net income of $1.6 billion to $1.8 billion. Analysts from BMO Capital, RBC Capital, and Scotiabank adjusted their price targets on MGA following the report. MGA shares rose 1.4% to $55.47.
February 12, 2024 | 5:39 pm
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NEUTRAL IMPACT
Magna International reported mixed Q4 results, missing EPS estimates but slightly meeting sales expectations. The company provided a positive outlook for FY 2024. Analysts adjusted their price targets following the report.
The mixed Q4 results with a slight miss on EPS but an optimistic outlook for FY 2024 suggest a neutral short-term impact on MGA's stock price. The adjustments in price targets by analysts reflect a recalibration rather than a significant shift in market sentiment. The stock's positive movement post-earnings indicates that the market may have already priced in the mixed results.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100