UPDATE 1-RESEARCH ALERT-Merrill upgrades Magna, Group 1, Lear

Newswire

(Adds details) June 23 (Reuters) - Merrill Lynch on Friday upgraded its rating on auto parts companies Magna International Inc. and Group 1 Automotive Inc. to "buy" from "neutral". It also raised its rating on Lear Corp. to "neutral" from "sell". Merrill said the upgrade of Magna was based on the stock's good risk-reward at current levels. It set a $86 price objective on Magna. On Group 1, Merrill said the upgrade follows the company's accretive convertible senior notes transaction ...

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