Celestica resumed with Hold from Buy at TD Securities

TD Securities last night downgraded Celestica (CLS) to Hold from Buy with a price target of $238, up from $130, after resuming coverage of the name. The firm is “impressed” with the company’s execution and market position, but says the stock’s price-to-earnings multiple now exceeds that of Nvidia’s (NVDA). TD expects Celestica’s momentum to build into 2026, but says this is largely priced into the shares.