Celestica Inc. (CLS) shares soared 5.03% on Wednesday, outperforming the broader market during the intraday trading session. The surge came after RBC Capital Markets significantly raised its price target on the electronics manufacturing services company.
RBC analyst Paul Treiber boosted the firm's price target on Celestica to $115 from $75, maintaining an Outperform rating on the stock. The analyst expressed optimism, stating that Celestica's shares are likely to see another strong year, with the potential for upside to consensus estimates and further valuation re-rating.
Treiber cited expectations of continued strength in Celestica's business, driven by factors such as robust demand and favorable industry trends. With the market responding positively to RBC's bullish outlook, Celestica's stock surged, reflecting investor confidence in the company's growth prospects.
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