Fabrinet Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Fabrinet (NYS: FN) rose nearly 23% in early trading before closing up 17.6% for the day. Investors cheered the company's fourth-quarter results.
So what: Revenue for the Bangkok-based provider of complex manufacturing services rose 21% to $190.3 million while adjusted profit rose 14% to $0.50 a share.
Now what: Analyst estimates weren't available at Yahoo! Finance, but we know at least one Wall Street firm was impressed. JP Morgan upgraded the stock to "overweight" from "neutral" and set a near-term price target of $21.50 a share, theflyonthewall.com reported. Do you agree with that assessment? Would you buy shares of Fabrinet at these levels? Weigh in using the comments box below.
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