Why Fabrinet Stock Leaped 8% Higher on Tuesday
Tuesday featured quite a memorable trading session for Fabrinet (NYSE: FN) stock. Shares of the optics equipment specialist added 8% to their value, on the back of a bullish initiation of coverage by an analyst. That rise trounced the gain of the S 500 index, which was a comparatively modest 0.2% on the day.
The initiating individual was Fox Advisors pundit Steven Fox, who inaugurated his coverage of Fabrinet with an unhesitating outperform (buy, in other words) recommendation at a price target of $270 per share. At that level, Fox anticipates that the value of the shares could rise by over 12%.
In their announcement that they had begun tracking Fabrinet, Fox and colleague Aneesha Patel wrote that the company "has proven to be the most consistent electronics manufacturing services (EMS) provider in the industry through an unwavering focus on building a leading supply chain position within highly attractive optical communications markets," since its founding quite some time ago in 2000.
Source Fool.com
