Fabrinet price target lowered to $234 from $245 at Barclays

Barclays analyst George Wang lowered the firm’s price target on Fabrinet (FN) to $234 from $245 and keeps an Equal Weight rating on the shares. The company reported “solid” fiscal Q3 results, though they were overshadowed by softer Datacom despite continued Telecom strength, the analyst tells investors in a research note. The firm senses that the 1.6T cycle timing is “slightly shifted to the right or at a minimum comes with great uncertainty when the cycle starts.”