Fabrinet price target lowered to $194 from $196 at B. Riley

B. Riley lowered the firm’s price target on Fabrinet (FN) to $194 from $196 and keeps a Neutral rating on the shares. Sales and EPS for Q1 was above consensus, with most of the quarter over quarter revenue growth coming from non-800G, the analyst tells investors in a research note. Even though Telecom is improving, given the stock’s rather rich multiples, the firm thinks 800G and eventually 1.6T will be the dominant catalyst for the stock, to the upside or to the downside.