Needham & Company Raises Price Target on Fabrinet (FN) Following 4Q

August 16, 2016 9:02 AM EDT
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Price: $36.81 -0.62%

Rating Summary:
    8 Buy, 1 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Needham & Company reiterated a Buy rating on Fabrinet (NYSE: FN), and raised the price target to $54.00 (from $48.00), following the company's 4Q earnings report. Overall revenues came in at $276MM, up 37%. Guidance calls for $306-310MM, with $22MM from extra week as the September quarter has 14 weeks.

Analyst Alex Henderson commented, "Even as investors ramped up expectations into the print, FN's actual results and, even more important, the sharp raise to guidance was substantially better than expected. We are increasing our CY17 revenue estimates by 15% and our EPS by 23% to $3.00. Accordingly, we are sharply increasing our Target Price to $54 from $48. Importantly, we think there is still substantial upside to our increased estimates and we expect further beat and raise quarters with visibility well out into CY1H17. We reiterate our Buy rating and would ride FN for the "super cycle." We also think the news flow reads through to NPTN, OCLR, and LITE."

For an analyst ratings summary and ratings history on Fabrinet click here. For more ratings news on Fabrinet click here.

Shares of Fabrinet closed at $42.30 yesterday.

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