Fabrinet price target raised to $200 from $150 at Northland

Northland raised the firm’s price target on Fabrinet (FN) to $200 from $150 and keeps an Outperform rating on the shares. The firm is raising price targets on a pair of AI Data Center names – both Fabrinet and Applied Optoelectronics (AAOI) – following results from Nvidia (NVDA), Marvell (MRVL) and Credo Technology (CRDO) as well as Fabrinet’s own “breakout” fiscal Q4 report last Monday, the analyst tells investors. “Even after very strong moves,” last week’s events and analysis “point to a much larger than expected AI connectivity market” measured in billions of dollars of revenues and millions of units.