Fabrinet downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Fabrinet to Neutral from Overweight with a price target of $210, up from $185. In conjunction with its 2024 hardware and networking outlook report, the firm made several rating changes. Fabrinet’s arterial intelligence driven premium valuation leaves limited room for upside on shares price despite its opportunities for upside on sell-side consensus estimates, the analyst tells investors in a research note.