Recovery favors Celestica, says CSFB

Credit Suisse First Boston said it prefers Celestica (nyse: CLS) to Solectron (nyse: SLR) as a turnaround play in 2004 among electronics manufacturing services (EMS) firms. CSFB said, "The differences in each company's leverage trends and the expectations implied in their valuations suggest that under almost any recovery scenario, Celestica should outperform Solectron."  The research firm rates Celestica at "outperform" and Solectron at "underperform." Elsewhere in the sector CSFB rates at "outperform" Flextronics International (nasdaq: FLEX), Jabil Circuit (nyse: JBL) and Benchmark Electronics (nyse: BHE).