BMO Capital Downgrades This Automotive Supplier - Read Why - Magna International (NYSE:MGA)

BMO Capital analyst Peter Sklar downgraded Magna International Inc MGA to Market Perform from Outperform with a price target of $63, down from $89, implying an 11% upside.
The analyst stated that he had previously seen a possibility of a timely resolution of the Ukraine/Russia conflict, but recent developments instead point to a protracted war.
Sklar added that the headwinds he sees for the stock as a result of the conflict included lower industry vehicle production in Western Europe, rising oil and gas prices, commodity headwinds, and a potential supply disruption of neon and palladium.
Price Action: MGA shares are trading lower by 0.80% at $56.81 on the last check Tuesday.

Momentum21.79

Growth33.12

Quality83.32

Value94.40

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Medium

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BMO Capital Downgrades This Automotive Supplier - Read Why