Bank of America Reinstates Magna International Inc. (MGA) With $80 Price Target

Group 1 - Magna International Inc. is recognized as one of the 12 Best Very Cheap Stocks to Buy in 2026 [1] - Bank of America has reinstated coverage of Magna with a Buy rating and a price target of $80, anticipating that the North American automotive sector will outperform expectations this year [2] - Morgan Stanley raised its price target on Magna to $65 from $54 while maintaining an Equal Weight rating, following the company's fourth-quarter earnings results [3] Group 2 - Magna reported fourth-quarter sales of $10.8 billion, a 2% increase year over year, although revenue declined approximately 1% on a constant-currency basis [4] - The company's adjusted EBIT margin expanded by 100 basis points to 7.5%, with adjusted EBIT increasing 18% to $814 million [4] - Adjusted earnings per share rose 29% to $2.18 during the quarter [4] Group 3 - Magna International is a Canadian automotive parts manufacturer headquartered in Aurora, Ontario, and is one of the largest independent automotive suppliers globally [5]