Celestica Message Board - Msg: 11651260

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Technology Stocks : Celestica

CLS 310.29

+6.0%

Nov 14 9:30 AM EST

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To: Marc who wrote (195)	10/20/1999 1:30:00 PM
From: Marc	Read Replies (2) of 456

Celestica's Strong Earnings Prompts String Of Analysts' Upgrades Wednesday, October 20, 1999 11:48 AM ET TORONTO -(Dow Jones)- Strong third-quarter results for Celestica Inc. prompted a string of analysts to raise ratings and price targets on the electronic manufacturing services company Wednesday. Most analysts are raising their earnings estimates after Celestica (CLS) late Tuesday reported third-quarter adjusted net income of 37 cents a diluted share, beating expectations by four cents. Of that four-cent difference, two cents came from a lower-than-expected tax rate, which the company said it expects to be sustainable in coming quarters. The company also showed that it is on track to meet its target of US$10 billion in revenue for 2001 and it showed that its margins are catching up and moving in line with its competitors, analysts said. Warburg Dillon Read analyst Scott Heritage raised his price target on the stock to US$72 from US$53. He has a "strong buy" on the stock. Sprott Securities Ltd. analyst Susan Streeter raised her rating to "strong buy" from "buy" and her target to C$90 from C$77. Merrill Lynch analyst Jerry Labowitz raised his rating on the stock to "near-term accumulate" from "near-term buy" and his price target to the high US$50s. Griffiths McBurney & Partners analyst Howard Lis raised his rating on the stock to "buy" from "accumulate" and his target to US$60 from US$56, after raising his target last week to US$56 from US$48. Scotia Capital Markets analyst Gus Papageorgiou raised his target to C$89 from C$85 and maintained his "buy" rating. National Bank Financial analyst Benoit Chotard raised his target to C$100 from C$80 and maintained his "buy" rating. Credit Suisse First Boston raised its rating to "strong buy" from "buy." In morning trading Wednesday, Celestica stock is up about in both New York and Toronto. In New York, the stock is up US$3.125 to US$51.688 and in Toronto the gain is C$4.80 to C$77.20.

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