Shares of Fabrinet (NYSE:FN) tanked in early trading on Tuesday, even after the company reported upbeat fiscal third-quarter results.
Here are the key analyst insights:
- Rosenblatt Securities analyst Mike Genovese maintained a Buy rating, while raising the price target from $715 to $750.
- Needham analyst Ryan Koontz reaffirmed a Buy rating and price target of $800.
Check out other analyst stock ratings.
Rosenblatt Securities: Fabrinet’s revenues grew 39% year-on-year to $1.21 billion. Earnings grew 47.4% to a record high of $3.72 per share. It beat the consensus estimate of $3.56 by 4.49%, according to Benzinga Pro data.
Revenues were driven by Telecom sales, which grew 55% year-on-year to $628 million, he added.
NVIDIA Corp (NASDAQ:NVDA), or the Datacom segment, revenue contracted by 6% …