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    MG   CA5592224011

MAGNA INTERNATIONAL INC.

(MG)
  Report
Delayed Toronto Stock Exchange  -  04:00:00 2023-01-27 pm EST
85.06 CAD   +2.87%
01/25BMO Capital Maintains Market Perform, US$65 TP on Magna Despite "Disappointing" Prelim FY 2022 Results
MT
01/25TD Securities Downgrades Magna International to Hold Rating From Buy, Adjusts Price Target to $69 From $76
MT
01/25Magna International Downgraded to Hold at TD
MT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Magna International Shares Drop 8.7% on Lowered 2022 Margin Targets

01/24/2023 | 10:04am EST

By Adriano Marchese


Shares in Magna International Inc. were lower Tuesday morning after the company said it expects to report lower margins than previously forecast for 2022 despite sales meeting targets.

At 9:34 a.m. ET, shares were trading 8.7% lower, at 79.81 Canadian dollars (US$59.70).

The Canadian auto-parts manufacturer set a new target of 4.3% for adjusted earnings before interest and taxes margin, below its target range of between 4.8% and 5%.

Meanwhile, the company expects to report sales of US$37.8 billion in the year, within its range of expectations of between US$37.4 billion and US$38.4 billion.

The company cites operational inefficiencies and higher labor costs for the lower targets, which are also expected to weigh on adjusted net income.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

01-24-23 1004ET

All news about MAGNA INTERNATIONAL INC.
01/25BMO Capital Maintains Market Perform, US$65 TP on Magna Despite "Disappointing" Prelim ..
MT
01/25TD Securities Downgrades Magna International to Hold Rating From Buy, Adjusts Price Tar..
MT
01/25Magna International Downgraded to Hold at TD
MT
01/24Toronto market ends slightly down as Magna slides
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01/24Sector Update: Consumer Stocks Firming in Recent Trading
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01/24Magna International Inc. Provides Earnings Guidance for the Year 2022
CI
01/24Magna International Shares Drop 8.7% on Lowered 2022 Margin Targets
DJ
More news
Analyst Recommendations on MAGNA INTERNATIONAL INC.
More recommendations
Financials (USD)
Sales 2022 37 755 M - -
Net income 2022 1 117 M - -
Net Debt 2022 2 663 M - -
P/E ratio 2022 16,6x
Yield 2022 2,81%
Capitalization 18 262 M 18 262 M -
EV / Sales 2022 0,55x
EV / Sales 2023 0,52x
Nbr of Employees 170 000
Free-Float 99,9%
Chart MAGNA INTERNATIONAL INC.
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Magna International Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends MAGNA INTERNATIONAL INC.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 63,89 $
Average target price 74,83 $
Spread / Average Target 17,1%
EPS Revisions
Managers and Directors
Seetarama Kotagiri Chief Executive Officer & Director
Vincent J. Galifi President
Patrick W. D. McCann Chief Financial Officer & Executive Vice President
Robert F. MacLellan Chairman
Paul Bellack Vice President-Information Technology
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