Scotiabank Raises Magna (MGA) PT to $57 Amid 2026 Tariff Concerns

Magna International Inc. (NYSE:MGA) is one of the most undervalued Canadian stocks to buy according to hedge funds. On January 27, Scotiabank analyst Jonathan Goldman raised the price target for Magna to $57 from $52 while maintaining a Sector Perform rating. The firm observed that increased vehicle production costs resulting from tariffs may soon be passed on to consumers or suppliers in 2026. Additionally, the firm highlighted potential downside risks to production volumes, noting that these volumes serve as the primary factor in determining supplier earnings.

Furthermore, on January 23, Barclays analyst Dan Levy increased the firm’s price target for Magna to $58 from $52 with an Equal Weight rating. This adjustment was part of a broader review of the autos and mobility sector in anticipation of Q4 2025 results. Barclays continues to favor vehicle manufacturers over suppliers, noting that car makers are currently benefiting from stable production rates and a reduction in losses associated with electric vehicle programs.

On January 15, Goldman Sachs also increased the price target for Magna to $68 from $60 with a Sell rating on the shares. The revised target accounts for recent automotive sales data and various supplier comments made at conferences during the quarter regarding 2026 growth expectations. These updates reflect the firm’s assessment of current market performance and industry outlooks.

Magna International Inc. (NYSE:MGA) manufactures and supplies vehicle engineering, contract, and automotive space. It operates through four se

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.