12 Best Very Cheap Stocks to Buy in 2026

4. Magna International Inc. (NYSE:MGA)

Forward P/E: 7.57

On March 4, Bank of America reinstated coverage of Magna International Inc. (NYSE:MGA) with a Buy rating and a price target of $80. The firm said it is resuming coverage of the North American automotive and auto-technology sector and expects the industry to outperform expectations this year. According to the analyst, automakers are adjusting to a regulatory environment that may favor higher-margin internal combustion engine vehicles, which could benefit suppliers such as Magna.

On February 18, Morgan Stanley analyst Andrew Percoco raised the firm’s price target on Magna International Inc. (NYSE:MGA) to $65 from $54 while maintaining an Equal Weight rating. The firm updated its estimates following the company’s fourth-quarter earnings results. The day before, Scotiabank analyst Jonathan Goldman also raised the firm’s price target on MGA to $69 from $57 while maintaining a Sector Perform rating after reviewing the quarterly results released on February 13.

Magna International Inc. (NYSE:MGA) reported fourth-quarter sales of $10.8 billion, representing a 2% increase year over year, though revenue declined approximately 1% on a constant-currency basis. The company’s adjusted EBIT margin expanded by 100 basis points to 7.5%, while adjusted EBIT increased 18% to $814 million. Adjusted earnings per share rose 29% to $2.18 during the quarter.

Magna International Inc. (NYSE:MGA) is a Canadian automotive parts manufacturer headquartered in Aurora, Ontario. Founded in 1957, the company is one of the largest independent automotive suppliers globally and specializes in the design, engineering, and manufacturing of advanced vehicle systems and components for automakers.