Fabrinet Analysts Increase Their Forecasts After Upbeat Q4 Results

Fabrinet FN reported better-than-expected fourth-quarter earnings.

Fabrinet reported quarterly earnings of $1.86 per share which beat the analyst consensus estimate of $1.80. The company reported quarterly sales of $655.87 million which beat the analyst consensus estimate of $641.41 million.

The company issued first-quarter earnings guidance in a range between $1.83 and $1.90 per share, versus the $1.86 estimate. Revenue is anticipated to be between $650 million and $670 million, versus the $657.33 million estimate.

Fabrinet shares gained 26.8% to trade at $148.06 on Tuesday.

These analysts made changes to their price targets on Fabrinet following earnings announcement.

• Needham raised the price target on Fabrinet from $150 to $165. Needham analyst Alex Henderson maintained a Buy rating.
• Lake Street boosted the price target on Fabrinet from $130 to $165. Lake Street analyst Troy Jensen maintained a Buy rating.
• Northland Capital Markets raised the price target on Fabrinet from $135 to $150. Northland Capital Markets analyst Tim Savageaux maintained an Outperform rating.