Fabrinet price target raised to $375 from $350 at Northland

Northland raised the firm’s price target on Fabrinet (FN) to $375 from $350 and keeps an Outperform rating on the shares. The price target increase follows “extremely positive” comments from Ciena (CIEN) last week, noting a material increase in business activity since earnings just a few weeks ago, the analyst tells investors in a research note. Fabrinet is in the process of ramping direct exposure to future 10%+ customer Ciena on the systems level for WaveLogic6 enabled systems, the firm notes.