Celestica (CLS) too expensive ?

The company has no doubt benefitted from a surge in AI demand, primarily on the hardware front.

I think your line of thinking as to whether or not the stock is too expensive is a valid one. The company previously to the AI boom traded at around 10x trailing free cash flows. It now sits at 27.6x. There is likely to be some valuation multiple expansion here based on the fact the AI sector is going to continue to grow and hardware demand should continue, but at this point I tend to wonder how much.

I wouldn't necessarily be rushing out to sell the company, but I'd probably be a little cautious on pulling the trigger right now.