Fabrinet (FN) is Reiterated by Needham to Buy, Raises Price Target to $ 40

Fabrinet (FN) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 40 from a previous price target of $35 . Needham advised their investors in a research report released on May 3, 2016.

Many Wall Street Analysts have commented on Fabrinet. Company shares were Reiterated by Stifel on May 3, 2016 to “Buy”, Firm has raised the Price Target to $ 40 from a previous price target of $34 .Company shares were Reiterated by Needham on Mar 8, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $32 .

On the company’s financial health, Fabrinet reported $0.56 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.53. The company had revenue of $250.90 million for the quarter, compared to analysts expectations of $242.80 million. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

Fabrinet opened for trading at $31.91 and hit $32.31 on the upside on Monday, eventually ending the session at $32.29, with a gain of 1.00% or 0.32 points. The heightened volatility saw the trading volume jump to 4,44,682 shares. Company has a market cap of $1,160 M.

In a different news, on Apr 4, 2016, David T. Mitchell (CEO & Chairman) sold 40,000 shares at $31.41 per share price. According to the SEC, on Feb 26, 2016, Harpal Gill (President & COO) sold 20,852 shares at $29.00 per share price. On Nov 13, 2015, Toh-seng Ng (Chief Financial Officer) sold 2,655 shares at $23.26 per share price, according to the Form-4 filing with the securities and exchange commission.

Fabrinet provides optical packaging and precision optical electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products such as optical communication components modules and sub-systems industrial lasers medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process including process design and engineering supply chain management manufacturing complex printed circuit board assembly advanced packaging integration final assembly and test. The Company focuses primarily on the production of low-volume high-mix products. The Company operates primarily in three geographic regions: North America Asia-Pacific and Europe. The products offered by the Company include optical communications devices solid state diode-pumped gas and fiber lasers and sensors.


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