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Downgrade Alert for Magna International (MGA)

By Amy Schwartz

Magna International (NYSE:MGA) was downgraded from Outperform to Neutral at Macquarie today. The stock closed yesterday at $38.04 on volume of 3.8 million shares, above average daily volume of 1.5 million.

Potential upside of 61.2% exists for Magna International, based on a current level of $38.04 and analysts' average consensus price target of $61.33. The stock should find initial resistance at its 50-day moving average (MA) of $41.36 and further resistance at its 200-day MA of $44.11.

Magna International Inc. designs, develops, and manufactures automotive systems, assemblies and components, and engineers and assembles complete vehicles. The Company sells its products primarily to original equipment manufacturers.

In the past 52 weeks, Magna International share prices have been bracketed by a low of $30.41 and a high of $59.42 and closed yesterday at $38.04, 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.2%.

SmarTrend is tracking the current trend status for Magna International and will alert subscribers who have MGA in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades Magna International

Ticker(s): MGA