Barclays starts Celestica coverage with 'overweight' rating

Celestica

05/11/2024 18:41

** Electronics manufacturing services company Celestica's
 CLS.N  shares up 4.8% to $75.82
    ** Barclays initiates CLS coverage with "overweight" rating
    ** Brokerage says the company is uniquely positioned to
enable hyperscale data centers that provide cloud computing and
data solutions and meet the growing demands of artificial
intelligence and machine learning
    ** Adds Alphabet's  GOOGL.O  Google and Meta Platforms
 META.O  are CLS top two customers
    ** Brokerage sets PT at $91, a ~25.8% upside on stock's last
close
    ** 10 of 11 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $71.5 — LSEG compiled data
    ** Including session's moves, stock up ~158.8% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))