Magnetek Inc (NYSE:MAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $14.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 15.99% from the stock’s previous close.
According to Zacks, “MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner, Industrias Penoles, are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. “
A number of other brokerages also recently issued reports on MAG. Roth Capital downgraded Magnetek from a “buy” rating to a “neutral” rating and increased their price target for the stock from $15.00 to $16.00 in a research report on Wednesday, August 17th. Canaccord Genuity downgraded Magnetek from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Finally, Desjardins raised Magnetek from a “hold” rating to a “buy” rating in a research report on Thursday, October 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $15.00.
Shares of Magnetek (NYSE:MAG) opened at 12.07 on Wednesday. The company’s market cap is $973.66 million. Magnetek has a 52-week low of $6.12 and a 52-week high of $18.12. The stock’s 50 day moving average price is $13.73 and its 200-day moving average price is $14.45.
Magnetek Company Profile
Magnetek, Inc (Magnetek) is a provider of digital power control systems that are used to control motion and power in material handling, elevator and mining applications. The Company’s products are sold directly or through manufacturers’ representatives to original equipment manufacturers (OEMs) for incorporation into their products, to system integrators and value-added resellers for assembly and incorporation into end-user systems, to distributors for resale to OEMs and contractors, and to end users for repair and replacement purposes.