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Needham raised Fabrinet’s price target on Tuesday after the electronic manufacturing services provider reported 4Q earnings that topped analysts’ estimates.
Needham analyst Alex Henderson lifted Fabrinet's (FN) price target to $85 (16.9% upside potential) from $81, but kept a Hold rating on the stock. In a note to investors, Henderson said "Despite Covid-19 constraints to production, increased procurement and logistics costs, and constraints inhibiting their customers, FN posted a strong quarter and offered guidance ahead of the Street at the mid-point."
On Aug. 17, Fabrinet reported 4Q earnings of $0.96, beating analysts’ expectations of $0.87. Revenues of $405.1 million also surpassed Street estimates of $388.5 million. The company's CEO Seamus Grady said, "We remain optimistic about demand for products in the core markets we serve, despite COVID headwinds, and anticipate sequential growth in the first quarter.”
Following 4Q results, JPMorgan analyst Samik Chatterjee raised the stock’s price target to $80 (10% upside potential) from $70 and reiterated a Buy rating. Chatterjee said he is encouraged by Fabrinet’s above-consensus 1Q outlook.
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