Why Fabrinet Stock Looks Fabulous Today
Shares of Fabrinet (NYSE: FN), a manufacturer of advanced optical and electro-mechanical components, soared 29% by 1:15 p.m. ET on Tuesday after the company reported earnings beats on both the top and bottom lines last night.
It was expected to report only $1.80 per share in profits on sales of $641.4 million, but instead announced that in its fiscal fourth quarter of 2023, earnings topped $1.86 per share, pro forma, and sales hit $655.9 million.
Fabrinet grew its sales 11.5% year over year in the fourth quarter, and earnings per share under generally accepted accounting principles (GAAP) were up only 9.2% -- not exactly rampant growth. Moreover, those earnings ($1.65 per share) were noticeably smaller than the $1.86 that analysts are focusing on today.
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 496.7 € for Fabrinet, so the potential is actually -5.98%.
