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UBS Analyst Lowers Magna Target Price on Auto Industry Concerns

Posted on July 08, 2008

Analyst Fadi Chamoun at UBS Investment Research has cut his price target and earnings estimates for Magna International Inc. (MGA), saying North America s largest auto supplier will feel the pain of a drop in demand for new vehicles in the United States through 2010.The analyst reduced his 12-month price target on Magna shares to $77 from $103. He lowered the 2008 EPS forecast to C$5.89 from C$6.92, and also cut 2009 and 2010 EPS forecasts. His buy rating on the shares is unchanged. Magna stock is now trading under C$58....

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