The striker inspired the home side to a 2-0 victory over Reading in a thrilling Championship clash at Portman Road.
Stead broke the deadlock with a stunning 20-yard curling shot after 63 minutes and Jonathan Walters sealed victory with a header on 86 minutes.
Magilton praised the performance of Stead, who is now playing for his sixth club at the age of 25.
"I've got a lot of faith in the boy," said Magilton.
"He needs to be loved a little bit more. If he keeps playing and scoring goals like that, I'll give him my undying love.
"We can't get carried away. It's one game but he can be very pleased with his performance."
Magilton said he was delighted with his side's overall performance.
"They deserve tremendous credit for the way they went about their business today," said Magilton.
"I thought we played very well but probably rode our luck a bit a times.
"All in all, I think we showed great resolve and great character and deserved to win the game."
Despite his side running out deserved winners today, Magilton expects Reading to challenge strongly for an immediate return to the Premier League.
"If we finish above Reading we are going to be in with a shout," he said.
Magilton also reserved praise for the "great character" of Walters, who scored after having four stitches in a head wound he suffered in the first half.
Reading boss Steve Coppell rued a ninth-minute miss from winger Jimmy Kebe, whose shot was saved by goalkeeper Richard Wright when he was clean through on goal.
"It makes a big difference," said Coppell. "The team that scores first more often than not normally goes on (to win).
"As it was, we still had opportunities in the first half, as did they.
"The first goal at that stage was going to be decisive."
Coppell claimed his side must face up to the fact that teams will raise their game against his newly-relegated side.
"We knew that would be the case in the first quarter of the season," said Coppell.
"People want to be going against a side that was in the Premier League last year.
"We knew that would be a factor. We've got to deal with it. I don't think it's a huge factor."
Coppell knows his team will have to learn to come back from one-nil deficits if they are to go straight back up.
"That will be very important at the end of the season - the number of teams that go one-nil down and come back to win," he said.