Barclays lowered the firm’s price target on Fabrinet (FN) to $245 from $292 and keeps an Equal Weight rating on the shares. The company reported “solid” fiscal Q2 results though it was overshadowed by “muted” guidance for Datacom for March quarter despite continued telecom strength, the analyst tells investors in a research note. The firm gets the sense that the 1.6T cycle timing is slightly shifted to the right or at a minimum with “great uncertainty” when the cycle starts.
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Read More on FN:
- Fabrinet Reports Record Quarterly Revenue and Earnings
- Fabrinet says Q3 datacom revenue to be ‘down slightly sequentially’
- Fabrinet reports Q2 Datacom revenue $299.1M vs. $288.1M last year
- Fabrinet sees Q3 EPS $2.55-$2.63, consensus $2.55
- Fabrinet announces $100M expansion of share repurchase program