Magnetek Inc (NYSE:MAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $14.00 target price on the stock. Zacks Investment Research’s price target would suggest 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. “

Several other equities research analysts have also issued reports on the stock. Desjardins raised shares of Magnetek from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Roth Capital raised shares of Magnetek from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $18.00 to $16.00 in a report on Tuesday, October 4th. Finally, Canaccord Genuity lowered shares of Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $15.00.

Magnetek (NYSE:MAG) traded down 5.41% on Wednesday, hitting $12.07. 320,501 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $13.73 and a 200-day moving average price of $14.45. The stock’s market cap is $973.66 million. Magnetek has a 12 month low of $6.12 and a 12 month high of $18.12.

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About Magnetek

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.

5 Day Chart for NYSE:MAG

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