Shares of Celestica Inc. (CLS) surged 5.05% on Friday as the electronics manufacturing company rode a wave of optimism driven by robust fundamentals and its positioning in cutting-edge technologies like artificial intelligence and autonomous driving.
Celestica, which provides supply chain solutions and platform services to major tech firms, is part of the top-performing Electronics - Manufacturing Services industry group. This sector is expected to outperform the broader market over the next 3-6 months, reflecting strong demand for Celestica's offerings.
Fueling the rally is Celestica's impressive earnings track record and analysts' bullish stance on the stock. The company has consistently beaten earnings estimates, with analysts raising their Q4 projections by 7.22% recently on expectations of 36.8% year-over-year growth. This robust earnings outlook has bolstered confidence in Celestica's prospects.
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