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UPDATE: Stifel Upgrades Fabrinet on Multiple Positive Factors

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In a report published Thursday, Stifel analyst Patrick Newton upgraded the rating on Fabrinet (NYSE: FN) from Hold to Buy, and named a $20.00 price target.

In the report, Stifel noted, “We are upgrading shares of Fabrinet to Buy and establishing a $20 price target. Our positive view on shares is driven by: (1) our analysis indicating accelerating demand trends in both optical communications and commercial laser end markets over the next several quarters, (2) our research pointing to our above consensus F1Q14 (September) and F2Q14 (December) estimates as being too conservative, (3) recent asset sales by Fabrinet's largest customer, Oclaro, likely eliminating a material risk, (4) increasing confidence in Fabrinet's ability to expand its gross margin to its 12.0%-12.5% target range, (5) penetration into new customers/new end markets, and (6) attractive valuation.”

Fabrinet closed on Wednesday at $14.79.

Latest Ratings for FN

DateFirmActionFromTo
Oct 2020ScotiaBankMaintainsSector Perform
Aug 2020JP MorganMaintainsNeutral
Aug 2020Northland Capital MarketsDowngradesOutperformMarket Perform

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Posted-In: Patrick Newton StifelAnalyst Color Upgrades Analyst Ratings

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