One MoreBMO’s Thanos Moschopoulos to US$72 from US$64 with an “outperform” rating. “We remain Outperform on CLS and have raised our estimates and target price following solid Q3/24 results and guidance, driven by ongoing strength in CCS (specifically CLS’s switching business) which more than offset a softer quarter, and outlook, for ATS. CLS announced a win with Groq for AI servers and a 1.6T switching win with a major hyperscaler. We believe the AI capex cycle, and CLS’s market position, will be more durable than the stock’s current valuation implies — and see further upside to the stock, particularly given CLS’s consistent margin execution,” he said.