JPMorgan Chase & Co. Reiterates “Overweight” Rating for Fabrinet (FN)
Fabrinet (NYSE:FN)‘s stock had its “overweight” rating restated by equities research analysts at JPMorgan Chase & Co. in a research note issued to investors on Tuesday, AR Network reports. They currently have a $22.50 price objective on the stock, down from their previous price objective of $23.00. JPMorgan Chase & Co.’s price objective suggests a potential upside of 18.48% from the stock’s previous close.
A number of other analysts have also recently weighed in on FN. Analysts at Piper Jaffray raised their price target on shares of Fabrinet from $24.00 to $25.00 in a research note on Tuesday. They now have an “overweight” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Fabrinet from $18.00 to $22.00 in a research note on Tuesday. They now have an “in-line” rating on the stock. Finally, analysts at B. Riley cut their price target on shares of Fabrinet from $26.75 to $26.50 in a research note on Tuesday. They now have a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Fabrinet currently has a consensus rating of “Buy” and an average target price of $23.58.
Shares of Fabrinet (NYSE:FN) traded down 13.92% on Tuesday, hitting $18.99. The stock had a trading volume of 1,368,280 shares. Fabrinet has a 52 week low of $12.99 and a 52 week high of $22.67. The stock has a 50-day moving average of $20.78 and a 200-day moving average of $19.37. The company has a market cap of $665.9 million and a price-to-earnings ratio of 11.09. Fabrinet also was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 912,987 shares, an increase of 56.4% from the March 31st total of 583,917 shares. Based on an average daily trading volume, of 566,798 shares, the days-to-cover ratio is presently 1.6 days. Currently, 3.5% of the company’s shares are short sold.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.01. The company had revenue of $167.70 million for the quarter, compared to the consensus estimate of $155.60 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 7.8% 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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