tiprankstipranks
Needham Lifts Fabrinet’s PT After 4Q Earnings Beat
Market News

Needham Lifts Fabrinet’s PT After 4Q Earnings Beat

Needham raised Fabrinet’s price target on Tuesday after the electronic manufacturing services provider reported 4Q earnings that topped analysts’ estimates.

Needham analyst Alex Henderson lifted Fabrinet’s (FN) price target to $85 (16.9% upside potential) from $81, but kept a Hold rating on the stock. In a note to investors, Henderson said “Despite Covid-19 constraints to production, increased procurement and logistics costs, and constraints inhibiting their customers, FN posted a strong quarter and offered guidance ahead of the Street at the mid-point.” 

On Aug. 17, Fabrinet reported 4Q earnings of $0.96, beating analysts’ expectations of $0.87. Revenues of $405.1 million also surpassed Street estimates of $388.5 million. The company’s CEO Seamus Grady said, “We remain optimistic about demand for products in the core markets we serve, despite COVID headwinds, and anticipate sequential growth in the first quarter.”

Following 4Q results, JPMorgan analyst Samik Chatterjee raised the stock’s price target to $80 (10% upside potential) from $70 and reiterated a Buy rating. Chatterjee said he is encouraged by Fabrinet’s above-consensus 1Q outlook.

Overall, FN has a Moderate Buy analyst consensus. The average price target of $77.40 implies upside potential of 6.5% to current levels. (See FN stock analysis on TipRanks).

Related News:
D.A. Davidson Lifts Applied Materials’ PT On ‘Solid’ 3Q Earnings
Susquehanna Lifts Nvidia’s PT To ‘Street High’ Ahead of Tomorrow’s 2Q Results
Barclays Lifts NetEase’s PT On Gaming Sales Growth Bet

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles