Collins Stewart Raises Price Target on Fabrinet (FN), Recovers Quickly From Flood
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Price: $525.88 -0.23%
Rating Summary:
12 Buy, 6 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
Rating Summary:
12 Buy, 6 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
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Collins Stewart is reaffirming its Buy rating on shares of Fabrinet (NYSE: FN), while raising its price target from $18 to $21.
The company reported solid Q2 results as both sales and earnings topped expectations. More encouraging, the firm notes, was the company's guidance which called for earnings of $0.22-$0.24 per share on $131-$136 million in total sales.
An analyst at Collins Stewart comments, "The company said that it would be taking delivery of equipment in both the March & June quarters, and would be back to pre-flood capacity by the beginning of the Sept quarter. Mgmt does not believe they have lost any customers or programs due to this situation."
The firm raised its Q3 EPS estimate to $0.23 and its FY12 estimate to $1.25. Collins Stewart did tweak its revenue estimate for FY12 from $601 million to $593 million.
Collins Stewart also highlights the recent management changes should help guide the company to future growth.
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 $17.82 yesterday.
The company reported solid Q2 results as both sales and earnings topped expectations. More encouraging, the firm notes, was the company's guidance which called for earnings of $0.22-$0.24 per share on $131-$136 million in total sales.
An analyst at Collins Stewart comments, "The company said that it would be taking delivery of equipment in both the March & June quarters, and would be back to pre-flood capacity by the beginning of the Sept quarter. Mgmt does not believe they have lost any customers or programs due to this situation."
The firm raised its Q3 EPS estimate to $0.23 and its FY12 estimate to $1.25. Collins Stewart did tweak its revenue estimate for FY12 from $601 million to $593 million.
Collins Stewart also highlights the recent management changes should help guide the company to future growth.
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 $17.82 yesterday.
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