Canaccord Genuity Group Forecasts Strong Price Appreciation for Celestica (NYSE:CLS) Stock

Celestica (NYSE:CLS) (TSE:CLS) had its target price hoisted by investment analysts at Canaccord Genuity Group from $77.00 to $110.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 15.24% from the company’s previous close.

Several other research firms also recently weighed in on CLS. TD Cowen upped their price target on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Stifel Nicolaus increased their target price on Celestica from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays began coverage on shares of Celestica in a research note on Tuesday, November 5th. They issued an “overweight” rating and a $91.00 price target on the stock. TD Securities raised their price objective on shares of Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, BMO Capital Markets upped their target price on shares of Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Celestica presently has an average rating of “Moderate Buy” and a consensus target price of $77.82.

Celestica Price Performance

Shares of NYSE CLS opened at $95.45 on Friday. The company’s 50-day moving average is $80.35 and its 200 day moving average is $62.48. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87. The stock has a market capitalization of $11.11 billion, a P/E ratio of 30.30 and a beta of 2.27. Celestica has a 1 year low of $26.62 and a 1 year high of $100.51.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Wednesday, October 23rd. The technology company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.41 billion. Celestica had a return on equity of 21.58% and a net margin of 4.08%. The firm’s revenue was up 24.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.65 earnings per share. On average, sell-side analysts expect that Celestica will post 3.44 earnings per share for the current year.

Institutional Investors Weigh In On Celestica

A number of hedge funds have recently added to or reduced their stakes in the stock. Optimum Investment Advisors grew its holdings in shares of Celestica by 66.7% in the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock worth $26,000 after acquiring an additional 200 shares during the period. Truist Financial Corp increased its position in shares of Celestica by 2.0% during the 2nd quarter. Truist Financial Corp now owns 11,008 shares of the technology company’s stock valued at $631,000 after purchasing an additional 214 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Celestica by 26.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,307 shares of the technology company’s stock worth $67,000 after purchasing an additional 275 shares during the period. Pier Capital LLC lifted its stake in shares of Celestica by 0.4% in the 3rd quarter. Pier Capital LLC now owns 93,055 shares of the technology company’s stock worth $4,757,000 after purchasing an additional 335 shares during the period. Finally, Creative Planning grew its position in Celestica by 4.7% during the second quarter. Creative Planning now owns 7,526 shares of the technology company’s stock valued at $431,000 after buying an additional 336 shares during the period. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

Celestica Company Profile

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.