UPDATE: Citigroup Raises PT on Celestica Following 2Q'13 Sales/EPS Report
In a report published Monday, Citigroup analyst Jim Suva reiterated a Sell rating on Celestica (NYSE: CLS), and raised the price target from $6.75 to $9.00.
In the report, Citigroup noted, “CLS reported 2Q'13 sales/EPS of $1.50B/$0.21 above street expectations of $1.43B/$0.17 and above guidance in the range $1.375-$1.475B/$0.13-$0.19. For 3Q'13 outlook mgmt is guiding for sales/EPS in the range of $$1.425-$1.525B/$0.17-$0.23 bracketing consensus expectations of $1.5B/$0.20. Mgmt also announced intent to repurchase up to 10% of shares outstanding over the next year.”
Celestica closed on Friday at $10.21.
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