Celestica Inc. (TSX: CLS) saw its shares surge 5.21% in the pre-market trading session on Wednesday, as investors positioned themselves ahead of the company's highly anticipated fourth quarter 2024 earnings release scheduled for January 30th.
The pre-market rally reflects growing optimism among investors that Celestica will meet or exceed analysts' expectations when it reports its Q4 2024 results. Over the past 90 days, consensus estimates for Celestica's full-year 2024 revenue and earnings have been revised upwards, signaling increasing confidence in the company's financial performance.
According to consensus estimates, analysts are forecasting Celestica to report Q4 2024 revenue of $3.65 billion and earnings of $1.29 per share. For the full year 2024, expectations are set at revenue of $13.87 billion and earnings of $4.84 per share. A strong Q4 performance in line with or exceeding these estimates could further fuel the stock's rally, as analysts currently have an average 12-month price target of $169.90 for Celestica, representing a potential upside of nearly 25% from current levels.
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