Celestica price target raised to $53 from $47 at RBC Capital

RBC Capital raised the firm’s price target on Celestica to $53 from $47 and keeps an Outperform rating on the shares. The company reported a solid beat and raise, with greater upside to Q1 than the last several quarters, while its increased FY24 guidance was above expectations and appears conservative, the analyst tells investors in a research note. Celestica’s largest customer drove Q1 upside, but other hyperscalers are likely to contribute to growth later in the year, RBC added.