Celestica (NYSE:CLS) (TSE:CLS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $9.75 price objective on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.07% from the company’s previous close.
According to Zacks, “Celestica, Inc. is one of the largest electronics manufacturing services company in the world, serving the computer, and communications sectors. The company provides competitive manufacturing technology and service solutions for printed circuit assembly and system assembly, as well as post-manufacturing support to many of the world’s leading original equipment manufacturers. Celestica’s extensive depth and breadth of offerings supports a wide variety of customer requirements from low volume, high complexity custom products to high volume commodity products. “
Several other analysts also recently issued reports on the company. BMO Capital Markets set a $9.00 price objective on Celestica and gave the company a “hold” rating in a research report on Saturday, February 2nd. ValuEngine downgraded Celestica from a “hold” rating to a “sell” rating in a research report on Saturday, February 2nd. Scotiabank downgraded Celestica from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 1st. Canaccord Genuity restated a “buy” rating and issued a $11.00 price objective on shares of Celestica in a research report on Tuesday, February 5th. Finally, Macquarie downgraded Celestica from an “outperform” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Friday, February 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Celestica has an average rating of “Hold” and a consensus price target of $9.96.
Celestica (NYSE:CLS) (TSE:CLS) last posted its earnings results on Thursday, January 31st. The technology company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.33. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. Celestica had a return on equity of 7.51% and a net margin of 1.49%. On average, equities analysts anticipate that Celestica will post 0.39 earnings per share for the current year.
Several large investors have recently modified their holdings of CLS. Norges Bank purchased a new stake in shares of Celestica in the fourth quarter valued at $16,836,000. Letko Brosseau & Associates Inc. lifted its position in Celestica by 7.8% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 22,173,121 shares of the technology company’s stock worth $194,165,000 after buying an additional 1,599,033 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its position in Celestica by 13.9% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 2,891,086 shares of the technology company’s stock worth $34,577,000 after buying an additional 353,751 shares during the period. D. E. Shaw & Co. Inc. lifted its position in Celestica by 44.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 915,138 shares of the technology company’s stock worth $8,026,000 after buying an additional 283,636 shares during the period. Finally, Scheer Rowlett & Associates Investment Management Ltd. lifted its position in Celestica by 18.8% during the fourth quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,759,243 shares of the technology company’s stock worth $15,405,000 after buying an additional 278,752 shares during the period. Institutional investors and hedge funds own 66.33% of the company’s stock.
Celestica Inc provides design, manufacturing, hardware platform, and supply chain solutions in Canada and internationally. It operates through two segments, Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of services, including design and development, engineering, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.
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