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Magna upgraded by RBC on improving macro trends, EV recovery optimism

admin by admin
January 24, 2025
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Magna upgraded by RBC on improving macro trends, EV recovery optimism
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Investing.com — Magna International Inc (TSX:MG) got an upgrade to “Outperform” from “Sector Perform” at RBC Capital Markets given an improved U.S. macroeconomic conditions, better dealer inventories, and a likely rebound in electric vehicle demand in 2025.

RBC raised its price target for the Canadian auto parts manufacturer to $52 from $41.

A stronger December U.S. dealer inventories and positive January sales trends, indicating late-2024 demand may not have been merely an election-driven spike, RBC says. Improved global auto production forecasts also support the view of a healthier production environment.

2025 could be a recovery year for EVs in the U.S. and Europe, RBC noted, adding that Magna’s anticipated guidance for 2025 could exceed consensus expectations, driven by easier year-over-year comparisons and continued customer recoveries.

The brokerage anticipates margin improvements in key business segments, including body exteriors and structures and complete vehicles.

RBC projects 8% EBIT growth in 2025, supported by a better global production outlook and operational recovery.

 

This post appeared first on investing.com

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