Credit Suisse Raises MGA Target To $59 From $56

Credit Suisse is raising its target price on Magna International, Inc. (NYSE: MGA) to $59 (from $56), “due to our higher 2012 EBIT forecast & lower discount rate.” Credit Suisse is maintaining its Neutral rating.

“Strong 2011 Revenue Forecast: Magna released (early) Wednesday morning its 2011 outlook, with the company calling for sales of $25.6-$27.1bln, the mid-point of which ($26.4 bln) is above both consensus estimates of $25.7 bln and our previous forecast of $26.0 bln,” Credit Suisse writes.

Magna International closed Wednesday at $59.89.