Magna International shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and cut its price target from $55 to $43.
Portfolio Pulse from Benzinga Newsdesk
Magna International's stock is trading lower following a downgrade by Morgan Stanley from Overweight to Equal-Weight, with a price target reduction from $55 to $43.
September 25, 2024 | 2:19 pm
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NEGATIVE IMPACT
Magna International's stock is negatively impacted by Morgan Stanley's downgrade from Overweight to Equal-Weight, along with a price target cut from $55 to $43.
The downgrade by a major financial institution like Morgan Stanley typically leads to a negative market reaction, as it reflects a less optimistic outlook on the stock. The reduction in price target further supports the likelihood of a short-term price decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100