June 12, 2023 at 2:39 p.m. | 1 minute read
Needham raised the target stock price to Fabricette (NYSE:FN) Buy at $120-$150.
The analyst said the visit to management gave the company much more confidence in its outlook.
According to the report, the forecast appears to fully anticipate a range of macro- and market-specific pressures, offset by new customer wins combined with shipments of high-speed components designed to be incorporated into AI fabrics. It is said that
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The company reported third-quarter results in May, with a fourth-quarter 2023 revenue outlook of $630 million to $650 million (consensus $670.68 million) and adjusted EPS starting at $1.76. He forecast a price of $1.83 (consensus $1.92).
It may take several quarters for the Pythonic nature of service providers to digest, but the demand for AI is offsetting in the short term, and more importantly, more traditional businesses will begin to recover. and is expected to remain strong.
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Fabrinet began working with new AI customers at its Israeli prototyping facility just under two years ago. The project has moved to Fabrinet’s Pinehurst facility and is expanding rapidly, with an estimated business size exceeding his $100 million.
This offsets the pressure on the telecom business and supports Fabrinet’s double-digit growth.
Analysts therefore expect significantly stronger growth than Street in CY24.
Price action: FN shares rose 13.70% to $128.50 at the last check on Monday.
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