Fabrinet Stock Spikes Over 28%, Analyst Raises Forecast Over AI's 15-Month Growth
Portfolio Pulse from Priya Nigam
Fabrinet's (NYSE:FN) stock price surged over 28% after the company reported strong Q4 results, driven by significant growth in its AI sector. Analyst Alex Henderson from Needham maintained a Buy rating on Fabrinet and raised the price target from $150 to $165. Despite a decline in Telecom and traditional Data Comm, the company's AI-related products have grown from near-zero to $100-$140 million in just 15 months.
August 22, 2023 | 3:48 pm
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Fabrinet's stock price surged due to strong Q4 results and significant growth in its AI sector. The price target was raised from $150 to $165 by Needham analyst Alex Henderson.
The surge in Fabrinet's stock price is directly linked to the company's strong Q4 results, which were driven by significant growth in its AI sector. This growth has led to a positive outlook for the company, with Needham analyst Alex Henderson maintaining a Buy rating and raising the price target from $150 to $165. Despite a decline in Telecom and traditional Data Comm, the company's AI-related products have grown from near-zero to $100-$140 million in just 15 months, indicating a strong potential for future growth.
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