Fabrinet price target raised to $150 from $135 at Northland

Northland analyst Tim Savageaux raised the firm’s price target on Fabrinet to $150 from $135 and keeps an Outperform rating on the shares following what the firm describes as “better than expected, and far better than feared,” fiscal Q4 results and outlook. Fabrinet did see significant weakness in Optical Telecom revenue, but this was more than offset by 50%-plus sequential growth in Datacom revenue, the analyst noted.