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Celestica: Q2 Raised the Ceiling on AI Infrastructure Growth

Writer: Felix Ouma
Felix Ouma
4 hours ago
9 min read

RATING: STRONG BUY (maintained)  |  TARGET: $455  |  PRICE: $356.53 as of October 8, 2026  |  PRICE UPSIDE: 27.6%


Summary

  • Q2 revenue increased 62% year over year to $4.70 Bn and adjusted EPS increased 83% to $2.54, beating consensus by about $300 Mn and $0.23, respectively.


  • The thesis strengthened: CCS revenue grew 84%, Enterprise grew 167%, and 1.6T networking, AMD Helios, and OpenAI rack programs expand the 2027 opportunity.

  • My model uses $35.45 Bn of 2027 revenue and $19.65 of adjusted EPS. A 26x future P/E discounted one year at 12.5% produces a $455 present target. 

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Worker monitors automated machinery in a bright factory, surrounded by white production lines and glowing control screens.
Source: Celestica

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