It is most likely scale insects, which are found on magnolias quite often, and even more specifically it could be the False Oleander Scale. They wont be too harmful if the tree is strong, healthy and young. In which case, you don’t have to do anything. However, if the tree is already a little unhealthy or damaged, then it would be a good idea use some horticultural oil sprays or insecticide containing imidacloprid, because the scale insects could cause more serious damaged and potentially kill the tree.
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