Citi upgraded Celestica (CLS) to Buy from Neutral with a price target of $375, up from $212. The firm sees the “Big Five” U.S. hyperscalers growing spending by 40% in 2025 following a 75% increase in 2025. Celestica’s communications unit should grow 41% in 2026 as a result following 77% growth in 2025, the analyst tells investors in a research note. Citi believes shares now warrant a premium valuation compared to Fabrinet (FN) given Celestica’s higher earnings growth.
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