Fabrinet price target raised to $499 from $329 at Barclays

Barclays raised the firm’s price target on Fabrinet (FN) to $499 from $329 and keeps an Equal Weight rating on the shares following the fiscal Q1 beet. The company’s Q2 sales guidance also came in above consensus as datacom saw less than anticipated component shortage effects, and data center interconnect continues to surprise to the upside, the analyst tells investors in a research note.