Magna price target raised to $47 from $40 at Evercore ISI

Group 1 - Evercore ISI raised the price target on Magna (MGA) to $47 from $40 while maintaining an In Line rating on the shares [1] - Q3 global production is tracking +2.5%-3% year-over-year, which is +2%-2.5% or +3-4 points better than suppliers' previous July outlooks [1] - FY25 global production is now tracking +1%-2% year-over-year compared to 0% when most suppliers last guided on Q2 calls [1]