Why Fabrinet Stock Blasted Nearly 16% Higher Today
Optics equipment supplier (NYSE: FN) was quite the double-digit outperformer on the second trading day of the week. Tuesday saw the company's share price skyrocket by nearly 16%, thanks to an earnings report that well outpaced expectations. Fabrinet stock's performance on the day was particularly impressive considering that the S 500 index ended in negative territory, closing the day down by 0.2%.
Fabrinet closed out its fiscal 2024 in style, delivering fourth-quarter results that easily topped the average analyst estimates. For the period ended June 28, it took in more than $753 million in revenue, a figure that was 15% higher year over year. Non-GAAP (adjusted) net income leaped even higher, rising by 29% to hit $88 million, or $2.41 per share.
On average, analysts tracking the stock were expecting a notably more modest performance. Collectively, they were modeling less than $733 million on the top line, and only $2.24 per share for adjusted net profit.
Source Fool.com
Fabrinet Stock
With 16 Buy predictions and not the single Sell prediction the community is currently very high on Fabrinet.
On the other hand, the target price of 467 € is below the current price of 492.9 € for Fabrinet, so the potential is actually -5.25%.
