Shares of Magna International (MGA) are soaring 5.01% during intraday trading, outperforming the broader market. The significant upward movement comes as several Wall Street analysts have raised their price targets for the automotive supplier's stock.

Among the notable analyst actions, TD Securities raised its price target on Magna to $58 from $57, maintaining a Buy rating. CIBC increased its target to $50 from $47, albeit keeping a Neutral stance. JP Morgan and BMO Capital Markets also joined the bullish chorus, lifting their targets to $57 from $53 and to $52 from $49, respectively. Additionally, Wells Fargo maintained its Equal-Weight rating, while BMO Capital and Scotiabank kept their Outperform and Sector Perform ratings, respectively.

The wave of positive analyst actions suggests a growing optimism about Magna's prospects. This could be attributed to strong industry dynamics over the summer, as hinted by CIBC, or potential improvements in the company's operational performance. The collective upward revisions in price targets are likely driving investor enthusiasm, resulting in today's significant stock price appreciation.