Why Fabrinet Stock Soared Today
Shares of (NYSE: FN) were up on Thursday. The company's stock gained 10.8% as of the market close and was up as much as 13.4% earlier in the day. The leg up came amid broader market weakness, with the S 500 (SNPINDEX: ^GSPC) down 1.4% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) down 2.1%.
The company, which manufactures precision optical equipment critical to modern data centers, announced a strategic partnership with Amazon in which the tech giant will purchase Fabrinet stock.
The company has entered an agreement that allows Amazon to purchase 381,922 ordinary shares of Fabrinet at a price of $208.48 per share. The warrant will expire on March 12, 2032. Nearly 40,000 shares have already vested, while the remainder will vest based on future payments by Amazon or its affiliates to Fabrinet.
Source Fool.com
Fabrinet Stock
Fabrinet is currently one of the favorites of our community with 18 Buy predictions and no Sell predictions.
As a result the target price of 469 € shows a slightly positive potential of 13.59% compared to the current price of 412.9 € for Fabrinet.
