For anyone with a little patience, there’s a lot to like in the stock
weighing on the Canadian-based auto parts company. But with the stock trading near four-year lows, it’s hard to ignore the rebound potential here.
In an e-mail to The Globe and Mail this week, Magna spokesperson Stephen Kurily said, “It would be premature to comment on the Chapter 11 filing, but we are closely monitoring the process.”Input costs have been rising because of wage hikes and pricier materials. As well, production has been slowing. Light vehicle production has essentially turned flat globally.
Some analysts are also on the sidelines. Krista Friesen, an analyst at CIBC Capital Markets, said in a note last month that she saw “limited upside catalysts for the name throughout the remainder of the year.”For starters, concerns about EVs – in which Magna’s parts include electric powertrains and battery enclosures – may be overblown. Though growth has been disappointing, actual sales continue to rise.
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