Why Fabrinet Stock Is Skyrocketing Today
(NYSE: FN) stock is seeing huge gains this week. The electronics manufacturer's share price was up 32% from last week's market close as of 1:45 p.m. ET this Friday, according to data from S&P Global Market Intelligence.
Before the market opened on Aug. 21, Fabrinet published results for the fourth quarter of its last fiscal year, which ended June 30. The company delivered sales and earnings for the period that came in better than Wall Street had anticipated. The business recorded non-GAAP (adjusted) earnings per share of $1.86 on revenue of $655.87 million, beating the average analyst estimate's call for adjusted per-share earnings of $1.80 on sales of $641.41 million.
Fabrinet grew revenue 11.6% year over year in Q1, and adjusted net income rose 9.3% in the period. Crucially, the company's better-than-expected sales came from a source that delighted Wall Street.
Source Fool.com
Fabrinet Stock
Fabrinet is currently one of the favorites of our community with 17 Buy predictions and no Sell predictions.
As a result the target price of 467 € shows a positive potential of 22.67% compared to the current price of 380.7 € for Fabrinet.
