RBC Capital lowered the firm’s price target on Magna (MGA) to $42 from $47 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for Auto suppliers. Sentiment on the suppliers is negative, and for good reason, as OEM commentary this earnings season suggests more light vehicle production cuts and concerns over share loss to Chinese domestics where suppliers in the firm’s coverage have minority market share positions, the analyst tells investors in a research note. Some suppliers may cut their FY24 guides at their Q3 prints and others appear to have managed expectations, though uncertainty over 2025 may also keep investors on the sidelines, RBC added.
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