Fabrinet Downgraded by Zacks to “Neutral” (FN)
Fabrinet (NYSE:FN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, AnalystRatingsNetwork reports. They currently have a $22.50 price objective on the stock. Zacks‘ target price would indicate a potential upside of 19.17% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at B. Riley initiated coverage on shares of Fabrinet in a research note to investors on Tuesday, December 17th. They set a “buy” rating on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Fabrinet from $22.00 to $24.00 in a research note to investors on Wednesday, December 11th. They now have a “buy” rating on the stock. Finally, analysts at Piper Jaffray raised their price target on shares of Fabrinet from $20.00 to $26.00 in a research note to investors on Tuesday, November 5th. They now have an “overweight” rating on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Fabrinet currently has a consensus rating of “Buy” and a consensus target price of $22.25.
Fabrinet (NYSE:FN) traded down 0.63% during mid-day trading on Tuesday, hitting $18.88. The stock had a trading volume of 217,632 shares. Fabrinet has a 1-year low of $12.64 and a 1-year high of $20.93. The stock’s 50-day moving average is $19.73 and its 200-day moving average is $16.58. The company has a market cap of $655.8 million and a price-to-earnings ratio of 9.18.
Fabrinet (NYSE:FN) last released its earnings data on Monday, November 4th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.08. The company had revenue of $171.60 million for the quarter, compared to the consensus estimate of $158.60 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (NYSE:FN) of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors.
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