May 10, 2019 / 4:40 PM / 6 months ago

BUZZ-Magna International: TD Securities cuts PT as Q1 results disappoint

** Shares of Canadian auto-parts maker down ~3 % to C$62.71

** Brokerage TD Securities cuts PT to $55 from $61, cites disappointing Q1 2019 results, revisions to guidance and reduced earnings visibility with respect to a Getrag joint-venture in China

** Says even though consolidated sales were generally in line with forecasts, consolidated operating margin declined due to performance within the power & vision segment

** Co’s Q1 adj. EPS of $1.63 miss analysts’ est. of $1.71; Revenues of $10.59 bln, below est. of $10.70 bln - Refinitiv IBES

** 3 of 8 brokerages rate the stock “buy” or higher, 4 “hold” and 1 “sell” or lower; their median PT is $55

** Including Friday’s losses, stock up 1.2% YRD

Reporting by Shradha Singh in Bengaluru

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