Evercore ISI downgraded Magna Worldwide (NYSE:MGA) on Monday to an In Line ranking after having the auto provider set at Outperform. The agency mentioned the downgrade was pushed by headwinds from Fisker’s (OTC:FSRN) delicate efficiency. These headwinds included each the guarantee possession held by Magna in Fisker (OTC:FSRN) and decrease than anticipated Steyr quantity.
Analyst Chris McNally mentioned buyers ought to anticipate the troublesome story for Magna (MGA) to proceed for the primary half of the 12 months because of Steyr stumbles and earnings hits from Fisker (OTC:FSRN). Whereas McNally sees some upside potential that Q1 EPS tops the consensus mark, he sees giant headline threat round feedback that may very well be made concerning the Fisker (OTC:FSRN) enterprise. “Till the FSR threat clears, MGA is probably going a tactical underperform forward earlier than a 2H turnaround,” he warned.
Evercore ISI assigned a value goal of $62 to MGA, which represents a a number of of 8X the 2025 EPS estimate.
Seeking Alpha Investing Group Leader Trapping Value thinks the MGA share value weakeness might characterize a superb entry level for long-term buyers.
Shares of Magna Worldwide (MGA) fell 1.57% in premarket buying and selling on Monday to $49.06 vs. the 52-week buying and selling vary of $46.71 to $65.27. The Looking for Alpha Quant Ranking on MGA is Maintain. The dividend yield for brand new patrons of the inventory is 3.81%.
As for Fisker (OTC:FSRN), the corporate disclosed final week that it was withdrawing its beforehand issued steerage for the 12 months 2024. The EV maker added that it was persevering with to guage strategic alternate options and would forego offering any up to date steerage through the course of. The inventory was delisted by the New York Inventory Alternate in late March.
Extra on Magna Worldwide
Evercore ISI downgraded Magna Worldwide (NYSE:MGA) on Monday to an In Line ranking after having the auto provider set at Outperform. The agency mentioned the downgrade was pushed by headwinds from Fisker’s (OTC:FSRN) delicate efficiency. These headwinds included each the guarantee possession held by Magna in Fisker (OTC:FSRN) and decrease than anticipated Steyr quantity.
Analyst Chris McNally mentioned buyers ought to anticipate the troublesome story for Magna (MGA) to proceed for the primary half of the 12 months because of Steyr stumbles and earnings hits from Fisker (OTC:FSRN). Whereas McNally sees some upside potential that Q1 EPS tops the consensus mark, he sees giant headline threat round feedback that may very well be made concerning the Fisker (OTC:FSRN) enterprise. “Till the FSR threat clears, MGA is probably going a tactical underperform forward earlier than a 2H turnaround,” he warned.
Evercore ISI assigned a value goal of $62 to MGA, which represents a a number of of 8X the 2025 EPS estimate.
Seeking Alpha Investing Group Leader Trapping Value thinks the MGA share value weakeness might characterize a superb entry level for long-term buyers.
Shares of Magna Worldwide (MGA) fell 1.57% in premarket buying and selling on Monday to $49.06 vs. the 52-week buying and selling vary of $46.71 to $65.27. The Looking for Alpha Quant Ranking on MGA is Maintain. The dividend yield for brand new patrons of the inventory is 3.81%.
As for Fisker (OTC:FSRN), the corporate disclosed final week that it was withdrawing its beforehand issued steerage for the 12 months 2024. The EV maker added that it was persevering with to guage strategic alternate options and would forego offering any up to date steerage through the course of. The inventory was delisted by the New York Inventory Alternate in late March.