UPDATE: Piper Jaffray Lowers Fabrinet's PT

According to a research report published this morning, Piper Jaffray has lowered Fabrinet's

PT from $22 to $20. In the report, Piper Jaffray said, "Fabrinet reported better than expected March quarter results but disappointing June quarter guidance reflects the persistent hangover of the October floods. The company reiterated their plans to resume full operations by the September quarter but more onerous re-qualification processes coupled with stale optical demand caused the June quarter guidance to fall well below Street estimates. Overall, we believe the disappointing guidance does not change the long term thesis for owning the company and we fully expect results to normalize in coming quarters." Piper Jaffray maintains its Overweight rating on Fabrinet, which closed yesterday at $15.