The Consumer Goods sector company, Celestica (TSX: CLS), has received a rating update from a Wall Street analyst today. Analyst Robert Young from Canaccord Genuity rated Celestica (TSX: CLS) a Buy, setting a C$13.25 price target.
Young noted:
“This morning, Celestica President & CEO Rob Mionis presented at Canaccord Genuity’s 38th annual Growth Conference in Boston. Celestica remains focused on consistent growth and continues to navigate a volatile macro backdrop and supply chain constraints with steady performance. Mr. Mionis is focused on augmenting organic growth with acquisitions to build out the company’s capabilities and accelerate the mix of revenue shift towards high-margin diversified revenue, an example being the recent Atrenne acquisition. Overall, we feel the current valuation discount to peers, NCIB activity, and focused M&A in the ATS space continue to support our BUY thesis.”
According to TipRanks.com, Young is ranked #432 out of 4850 analysts.
Read also: Weight Watchers (WTW) Runs Downhill, But this Analyst Thinks Now Is the Time to Buy the Stock
Currently, the analyst consensus on Celestica is a Moderate Buy with an average price target of C$13.25.
Based on Celestica’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$20.79 million. In comparison, last year the company had a net profit of C$46.26 million.
Celestica, Inc. engages in the provision of supply chain solutions globally to original equipment manufacturers and service providers in the communications, consumer, computing and diversified end markets. The company offers design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics and after-market repair and return services. It offers end of applications, including servers, networking, wireless and telecommunications equipment, storage devices, optical equipment, aerospace and defense electronics, such as in-flight entertainment and guidance systems, healthcare products for diagnostic imaging, audiovisual equipment, set top boxes, printer supplies, peripherals, semiconductor equipment, industrial and green technology electronic equipment, including solar panels and inverters. Celestica was founded in 1994 and is headquartered in Toronto, Canada.
The company’s shares closed on Wednesday at C$15.83, close to its 52-week high of C$16.50.
