UPDATE: Deutsche Bank Raises PT on Fabrinet on Limited Upside
In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Fabrinet (NYSE: FN), and raised the price target from $15.00 to $16.00.
In the report, Deutsche Bank noted, “Optical seeing saw some upside, but not enough to drive F1Q-14 higher. In its typical pattern, FN reported better-than-expected results and gave conservative guidance. The Optical segment drove the upside, with management noting some firming of orders in F4Q-13. Customers are expecting a normal seasonal pick-up in C2H-13, however, the company maintained a cautious outlook on F1Q-14 as it has not seen a broad-based, sustained increase in orders. With demand a tiny bit better but the outlook still cloudy, we have tweaked our estimates modestly higher and raised our PT to $16 from $15. With risk/reward fairly balanced, we maintain our Hold.”
Fabrinet closed on Monday at $14.95.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.