This Just In: Magna International Stock Upgraded

Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...

Three months ago, I named Canada's Magna International (NYSE: MGA) one of my favorite lowest P/E stocks to buy today. The stock is up 16% since, but that's not even the best news.

This morning, analysts at American megabanker Bank of America-Merrill Lynch announced they are upgrading shares of Magna International stock to buy and assigning the stock a $63 price target, implying nearly $10 more upside to this stock's magnificent run.

Source: Fool.com