- BMO Capital analyst Peter Sklar downgraded Magna International Inc (NYSE: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.
