Magna International (NYSE: MGA) Receives 'Buy' Rating and $68 Price Target After Strong Quarter

Font: Financial Modeling Prep  • May 04, 2026

• Magna International received a "Buy" rating and a $68.00 price target from Veritas Investment Research, indicating a 15.27% potential upside.
• The global automotive supplier surpassed earnings expectations with an EPS of $1.38 and reported revenues of $10.38 billion, driven by strong demand for its auto parts.
• Despite a diluted loss per share due to a one-time charge, Adjusted EPS increased 77% to $1.38 and Adjusted EBIT rose 58% to $558 million, showcasing robust core business performance.

Magna International (NYSE: MGA) is a global automotive supplier that designs and manufactures a wide range of vehicle components. The company provides everything from body and chassis systems to powertrain and electronic parts for major carmakers. It is a key player in the automotive industry, operating facilities and engineering centers all over the world.

Following a strong quarter, Veritas Investment Research sets a price target of $68.00 for Magna. When announced, the stock trades at $58.99, which represents a potential upside of about 15.27%. This new target accompanies an upgrade of Magna's stock to a "Buy" rating, signaling confidence in its future performance.

This positive outlook is supported by the company's recent financial results. Magna reports earnings of $1.38 per share for the first quarter, easily surpassing the Zacks Consensus Estimate of $1.01. This performance is a significant improvement from the $0.78 per share earned in the same quarter of the previous year.

The company also posts revenues of $10.38 billion, which is higher than market expectations. As highlighted by Reuters, this result is due to strong demand for its auto parts and better foreign exchange rates. Sales increase by 3% even though global light vehicle production declines by 7%, as noted by GlobeNewswire.

While Magna reports a diluted loss per share of $0.04, its Adjusted EPS sees a 77% increase to $1.38. The loss is due to a one-time $485 million charge from selling some business units. Excluding this, Adjusted EBIT, a measure of operating profit, increases 58% to $558 million, showing the core business is performing well.