Citigroup Maintains Buy Rating On Magna International (MGA)

In a company note released today, Citigroup C analysts reiterated their Buy rating on shares of Magna International MGA and their $87 price target. The company is trying to collapse its dual-class share structure. The Citi analysts wrote, "if the proposal is enacted, we judge it would support a 5.0x peer multiple and our $87 target...if the proposal fails, we judge downside risk is to the mid-$60s." During today's trading session, MGA shares have gained 0.07% to $70.12. Magna International Inc. (MGA) is a diversified global automotive supplier. The Company designs, develops and manufactures automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks.