FINWIRES · TerminalLIVE
FINWIRES

CIBC Raises Celestica's Price Target to US$480 From US$425, Reiterates its Outperformer Rating

作者

-- CIBC Capital Markets reiterated its outperformer rating on the shares of Celestica (CLS.TO, CLS) while raising its price target to US$480 from US$425 after the company reported its first-quarter financial results on Monday.

The company's Q1 was in line on supply constraints that are now largely resolved, said CIBC, adding that the company reiterated an "aggressive 2026-2027 ramp-up" including with its key "digital-native" customer, which CIBC believes to be OpenAI.

"A near-term overhang is the narrative around OpenAI potentially overbuilding vs. demand and additional supply chain shortages, which could keep sentiment pressured," said CIBC. "Despite this, with hyperscaler capex visibility improving (GOOGL/META/AMZN) and H2/26 ramp-ups/expansions ahead, we still view guidance/Street as conservative and expect upward estimate drift through 2026 as Q1 prints de-risk capex assumptions."

Celestica's "improved visibility" reflects its leadership in data center networking switches and expanding enterprise server programs, said CIBC, and added it now sees a "clearer multi-year ramp-up for 1.6T networking programs starting in late 2026 and accelerating into 2027, supported by multiple customers and its strategic partners including AVGO."

Celestica's new hyperscaler Ethernet-switch contract win in the quarter, which ramps up in H2/27, also supports this view, added CIBC.

While Q1 was impacted by supply constraints, these have subsided and the company has confidence it can both catch up in subsequent quarters and support demand through 2028, stated CIBC.

"We reiterate our Outperformer rating and frame the selloff as a buy-the-dip setup," said CIBC. "Our updated price target is (US)$480 and is based on a blended valuation of 32x our 2027E EPS forecast (primary) and 24x our 2027E EBITDA forecast (secondary)."

CIBC's target multiples for Celestica reflect "improved visibility to upward revisions in AI datacentre capex spending from significantly improved model performance," added CIBC.

Price: $500.53, Change: $+7.31, Percent Change: +1.48%

相关文章

Research

研究快讯：CFRA 将 Penske Automotive Group 股票评级从“卖出”上调至“持有”。

独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将12个月目标价上调25美元至170美元，基于2027年11.8倍的市盈率，高于该股10年预期市盈率9.8倍。我们将2026年每股收益预期从13.85美元下调至13.40美元，并将2027年每股收益预期从15.00美元下调至14.35美元。然而，我们上调了目标价，并将评级从“卖出”上调至“持有”。今天上午，PAG公布了第一季度调整后每股收益为3.05美元，低于预期的3.59美元（下降15%），高于市场普遍预期的2.88美元。 业绩超出预期主要得益于强劲的营收，营收同比下降1.1%至78.6亿美元（比市场预期高出1.5亿美元），毛利率下降10个基点至16.5%（比市场预期低10个基点）。尽管我们仍然认为该股估值过高，并且更看好汽车经销领域的其他公司，但鉴于PAG在国际市场的重要地位，汇率波动为其盈利提供了显著的利好，使其业绩超出市场预期。此外，该公司持续通过股票回购和分红向股东返还现金，这有助于在需求疲软的不利因素下支撑每股收益。

$PAG
Mining & Metals

盈利快讯 (CS.TO) Capstone 2026 年铜产量预期为 20 万至 23 万吨，C1 现金成本预期为每磅 2.45 至 2.75 美元，保持不变

$CS.TO
Oil & Energy

麦格理认为，随着霍尔木兹海峡扰动加剧，政府行动将会加强。

麦格理银行周三表示，霍尔木兹海峡的关闭正在扰乱全球石油流动，并加剧供应短缺和政府干预的风险。 报告指出，策略师表示，持续的供应中断可能会促使各国政府采取更积极的干预措施，因为各国都将能源安全放在首位，并应对供应趋紧的问题。 策略师表示，各国政府可以释放库存、降低税收或限制出口，一些国家已经采取了类似于中国和泰国的措施来保护国内供应。 麦格理银行补充道，尽管美国能源部长克里斯·赖特一再否认，但市场仍在评估美国可能实施出口限制或关税的可能性。 麦格理银行认为，限制出口会降低美国国内燃油价格，但会收紧欧洲和澳大利亚等主要进口国的供应，从而造成更广泛的市场混乱。 麦格理银行表示，欧洲正面临航空燃油供应压力，因为约40%的航空燃油来自中东，而夏季旅行需求正开始上升。 麦格理策略师表示，意大利已有四座机场在复活节期间限制了航空燃油的供应，航空公司也在削减盈利能力较弱的航线以应对供应紧张。 麦格理补充道，亚洲各国政府正在实施出口管制、释放储备并推出紧急措施，以应对燃油短缺并稳定市场。 策略师指出，各国政府正在实施四天工作制、学校停课和远程办公等政策，同时通过政府支持的项目来保障燃油采购。 麦格理表示，尽管政府采取了干预措施，但由于分销挑战依然存在，亚洲部分地区的农村燃油短缺问题依然持续。 策略师表示，中国正在向盟国供应燃油，而泰国正在考虑扩大区域支持范围，并增加政府间的能源交易。