Piper Jaffray analyst, Troy Jensen, reiterated his Overweight rating on shares of Fabrinet (NYSE: FN) and raised the price target to $52 from $42 after the company reported revenue, EPS and guidance upside versus consensus.

The analyst stated "We believe Fabrinet's results confirms our thesis that the optical demand is improving and we believe growth rates will reaccelerate for the next several quarters. Fabrinet has a track record of rapid growth and profitability and we believe a turn in optical demand coupled with exposure to industrial lasers, autonomous vehicles and new design wins provides Fabrinet the opportunity to grow faster than the optical industry. Given our conviction with respect to Fabrinet’s ability to exceed near-term targets, the opportunity to win share with new and existing customers and the company’s position in growth markets (LiDAR, SiP), we remain constructive on FN shares and would be buyers of the stock".

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 $44.00 yesterday.