Fabrinet (FN) Surges on Solid Q3, Upgrade to Buy at Needham & Company
Shares of Fabrinet (NYSE: FN) are surging higher following solid Q1 results after the close and a new Buy rating from Needham & Company issued today.
Needham & Company upgraded Fabrinet from Hold to Buy with a price target of $14 on margin expansion potential.
"We think Fabrinet has finally attained clarity on the trajectory post the flooding and the outlook looks better than the average optical company," said analyst Alex Henderson. "We think a combination of solid programs and margin leverage make FN attractive at these rock bottom price levels."
On the quarter the firm called it solid, but importantly solid new programs provide leverage, they said.
Needham raised CY4Q Revenue to $161 million from $154 million and CY4Q EPS to $0.36 from $0.34. Increasing CY13 Revenues to $691 mil. from $677.5 mil. Increasing CY13 EPS to $1.53 from $1.48.
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 $9.70 yesterday, with a 52 week range of $9.25-$21.04.
Needham & Company upgraded Fabrinet from Hold to Buy with a price target of $14 on margin expansion potential.
"We think Fabrinet has finally attained clarity on the trajectory post the flooding and the outlook looks better than the average optical company," said analyst Alex Henderson. "We think a combination of solid programs and margin leverage make FN attractive at these rock bottom price levels."
On the quarter the firm called it solid, but importantly solid new programs provide leverage, they said.
Needham raised CY4Q Revenue to $161 million from $154 million and CY4Q EPS to $0.36 from $0.34. Increasing CY13 Revenues to $691 mil. from $677.5 mil. Increasing CY13 EPS to $1.53 from $1.48.
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 $9.70 yesterday, with a 52 week range of $9.25-$21.04.