Fabrinet (FN) PT Raised to $100 at Needham & Company
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Needham & Company analyst Alex Henderson raised the price target on Fabrinet (NYSE: FN) to $100.00 (from $85.00) while maintaining a Buy rating.
The analyst comments "Fabrinet posted a strong quarter, noted improving conditions across a number of lines, offered strong above Street guidance, and announced due to this strength, they are accelerating new production capacity build-out plans and doubling the size of the planned addition to 50% of global capacity. We think these announcements are substantially bullish for the stock. We are increasing our estimates, raising our Price Target to $100 from $85, and reiterating our Buy rating. Fabrinet has executed flawlessly, and given the positive news flow, indications of multiple line of business seeing macro acceleration, we think further upward estimate revisions are likely as the year progresses."
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