Fabrinet Analysts Increase Their Forecasts After Upbeat Q4 Results
Portfolio Pulse from Lisa Levin
Fabrinet (NYSE:FN) reported better-than-expected Q4 earnings of $1.86 per share, beating the consensus estimate of $1.80. The company also reported quarterly sales of $655.87 million, surpassing the estimate of $641.41 million. Fabrinet issued Q1 earnings guidance between $1.83 and $1.90 per share, with revenue anticipated to be between $650 million and $670 million. Following the earnings announcement, analysts from Needham, Lake Street, and Northland Capital Markets raised their price targets on Fabrinet.
August 22, 2023 | 2:38 pm
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Fabrinet's better-than-expected Q4 results and positive Q1 guidance led to a 26.8% increase in its share price and prompted analysts to raise their price targets.
Fabrinet's strong Q4 earnings and sales, along with its positive Q1 guidance, have led to a significant increase in its share price. This positive performance has also prompted analysts from Needham, Lake Street, and Northland Capital Markets to raise their price targets on the company, indicating a positive outlook for the stock in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100