UPDATE: Morgan Stanley Lowers Fabrinet's PT

According to a research report published this morning, Morgan Stanley has lowered Fabrinet's FN PT from $24 to $19. In the report, Morgan Stanley commented, "Despite a solid FQ3, guidance points to a slower recovery in optical demand leading us to lower our PT to $19 from $24. Capacity restoration appears on-track and we wait for optical demand to bounce back in 2H'12 and expand margins. Remain OW." Fabrinet closed yesterday at $15.00.