Published on 14 Oct 2024 on Insider Monkey · via Yahoo Finance
Magna International Inc. (MGA): Analysts Are Bullish On This Undervalued...
We recently compiled a list of the 7 Most Undervalued Canadian Stocks To Buy According To Analysts. In this article, we are going to take a look at where Magna International Inc. (NYSE:MGA) stands against the other undervalued Canadian stocks.
The Canadian stock market experienced a notable rebound in the third quarter of 2024, following a sluggish performance earlier in the year. This resurgence was primarily fueled by a series of interest rate cuts by the Bank of Canada, which helped cool inflation and support broader economic recovery. The central bank’s actions, which included rate reductions totaling 75 basis points so far, have rejuvenated the real estate market and provided a significant lift to financial services stocks. According to a report by Reuters, the Toronto market gained 9.7% in Q3 2024, making it the strongest quarterly performance since 2019. The impact of these measures has created an optimistic outlook for the market, potentially setting the stage for continued growth in the coming months.