(By Balaseshan) Deutsche Bank (DB) increased its price target on shares of Magna International Inc. (NYSE:MGA) to $56 from $55, while maintaining its "Hold" rating.
Magna International reported first quarter earnings per share (EPS) of $1.46 in-line with DB's estimate of $1.46 but well ahead of consensus at $1.30.
Revenue of $7.67 billion was ahead of DB's estimate of $7.41 billion, but operating income of $412 million was below DB's estimate of $431 million (operating margin was 5.7% versus 6.2% estimate).
Despite upside to price target, the brokerage maintained its "Hold" rating based on relative valuation.
Magna International is a diversified global automotive supplier. The company designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks.
MGA is trading down 1.38% at $43.02 on Friday.