Why Magna International Is Trading Higher Today

Magna International Inc MGA is trading higher Thursday morning after Goldman Sachs upgraded the stock and raised the price target. 

What Happened: Goldman Sachs analyst Mark Delaney upgraded Magna International from Neutral to Buy and raised the price target from $97 to $120. The analyst cited the company's "reasonable" valuation and said Magna International is well-positioned to support new market entrants.

On June 17, Fisker Inc FSR signed a long-term manufacturing agreement with Magna International. The deal finalizes the previously established framework between the two companies, as well as deals on EV platform sharing and the advanced driver assistance system. 

Production of the Fisker Ocean SUV is projected to start on Nov. 17 at Magna International's manufacturing facility in Graz, Austria, where the company has produced more than 3.7 million vehicles for multiple automakers.

Related Link: Fisker Signs Binding Agreement With Magna

Price Action: Magna International has traded as high as $104.28 and as low as $42.37 over a 52-week period.

At last check Thursday, the stock was up 3.30% at $96.

Photo courtesy of Magna International.