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
With 8 Buy predictions and not the single Sell prediction the community is currently very high on Fabrinet.
With a current price of 211.4 € Fabrinet is right around the predicted target price of 213 €.
