NEW YORK (TheStreet) -- Shares of Metaldyne Performance Group (MPG)  are up 0.11% to $18.26 in early afternoon trading after Keybanc initiated coverage with a "buy" rating and $22 price target.  

Metaldyne Performance Group is an Los Angeles-based designer and supplier of metal-formed components and assemblies, produced for vehicle OEM and Tier I suppliers.

Keybanc initiated coverage based on the belief that solid mid-single-digit revenue CAGR will likely continue in the foreseeable future, driven predominantly by low single-digit-North American light vehicle industry growth and new business wins. 

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Keybanc said that given an above market growth outlook and sustainable strong margins, analysts have adjusted their EBITDA and EPS estimates to $562 million and $1.76, respectively, for 2015, and $579 million and $1.84, respectively, for 2016.  


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