Celestica (CLS) (TSE:CLS) stock has dipped significantly from its 52-week high of $63.49, as you can see below. The stock, which has surged on the back of the growth of artificial intelligence (AI), is now trading with a price-to-earnings (P/E) below its five-year average. While I’m conscious that the exponential growth we’ve seen in AI-related stocks has led to pockets of overvaluation, I believe Celestica remains undervalued at the current price. That’s why I’m bullish and think this is an opportunity investors should consider.
Celestica and the Tech Sell-Off
In recent weeks, we’ve seen more volatility in the stock market, particularly within the technology sector, and the recent downturn has been driven by several key factors.
Firstly, mirroring sentiment in late 2021, investors have grown increasingly wary of the high valuations associated with AI-related stocks. Many stocks have risen due to quite vague associations with…
