Why Fabrinet's New AI Customer Could Bring in Over $100M Business: An Analyst's Perspective
Portfolio Pulse from Vandana Singh
Needham increased its price target on Fabrinet (NYSE:FN) from $120 to $150 with a Buy rating, citing confidence in the company's outlook and new AI customer. Fabrinet's new AI project, which started two years ago, is estimated to bring in over $100 million in business, offsetting pressures on the Telecom business and supporting double-digit growth.
June 12, 2023 | 6:39 pm
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Needham increased Fabrinet's price target to $150, citing a new AI customer that could bring in over $100 million in business. This is expected to offset pressures on the Telecom business and support double-digit growth.
The increased price target by Needham is based on the new AI customer and the potential for over $100 million in business. This is expected to offset pressures on the Telecom business and support double-digit growth, making it a positive short-term impact on Fabrinet's stock price.
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