Fabrinet Upgraded to Neutral by Zacks (FN)
Fabrinet (NYSE:FN) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a note issued to investors on Wednesday. The firm currently has a $21.40 price target on the stock. Zacks‘s target price indicates a potential upside of 2.69% from the company’s current price.
Fabrinet (NYSE:FN) traded down 0.62% during mid-day trading on Wednesday, hitting $20.71. The stock had a trading volume of 69,287 shares. Fabrinet has a one year low of $13.66 and a one year high of $22.67. The stock’s 50-day moving average is $19.86 and its 200-day moving average is $19.66. The company has a market cap of $727.0 million and a P/E ratio of 7.65.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis.
A number of other analysts have also recently weighed in on FN. Analysts at Stifel Nicolaus raised their price target on shares of Fabrinet from $22.00 to $23.00 in a research note on Tuesday, May 6th. Separately, analysts at Citigroup Inc. downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. They noted that the move was a valuation call. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Fabrinet in a research note on Tuesday, May 6th. They now have a $22.50 price target on the stock, down previously from $23.00. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Fabrinet presently has a consensus rating of “Buy” and an average price target of $23.40.
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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