Fabrinet (FN) PT Raised to $85 at Needham & Company As Orders Increase September Visibility

Needham & Company analyst Alex Henderson raised the price target on Fabrinet (NYSE: FN) to $85.00 (from $81.00) after CY2Q Revenue and EPS Exceeded the High End of Guidance with Revenue beating the Street by 5% and EPS coming in 10% above Consensus. Revenue guidance of $410-$430 million compares to the Street at $415.8 million and EPS guidance of $0.93-$1.00 compares to $0.95.

The analyst maintained a Buy rating, stating "Fabrinet noted on the call a strong pick-up in orders late in the quarter, which is driving upside to the September outlook. We think Lumentum in particular is accelerating ROADM investments and suspect some strength in Systems. Data Comm is expected to be down a hair, mainly as a result of a single customer product transition, which is more a timing issue than a demand issue. FN expects this customer to strengthen in the December quarter".

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