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Citigroup, Inc. (NYSE:C): JPMorgan believes one of the key catalysts for Citigroup has been pushed back after the company announced Friday that it will not seek approval for an increase in dividends or share buybacks. However, the firm says Citigroup’s announcement is not a complete surprise and keeps a Neutral rating on the stock.
Magna International, Inc. (NYSE:MGA): RBC Capital reduced its target on Magna as the firm noted that the company’s group has traded at lower multiples in recent months. The firm also lowered its 2012 European auto production forecast to reflect worse than expected macro economic trends, but it still finds the stock’s risk/reward profile attractive and maintains an Outperform rating.
Westport Innovations Inc. (NASDAQ:WPRT): After visiting Westport Innovations’ China-based joint venture, Piper Jaffray says it has more confidence in its estimates for the company. Piper believes China’s truck market is undergoing an aggressive transition to natural gas and recommends buying shares of Westport Innovations with an Overweight rating and $45.50 price target.
Flowserve Corp. (NYSE:FLS): After meeting with Flowserve’s CFO, BMO Capital believes that the company is seeing strong end-market demand while its margins are expanding. The firm maintains a $140 target and reiterates an Outperform rating on the stock.
Garmin Ltd. (NASDAQ:GRMN): DA Davidson reduced its target on Garmin to reflect what it sees as waning consumer confidence and greater uncertainty on consumer spending. The firm maintains a Neutral rating on the stock.
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