Fabrinet price target raised to $715 from $550 at Rosenblatt

Rosenblatt analyst Mike Genovese raised the firm’s price target on Fabrinet (FN) to $715 from $550 and keeps a Buy rating on the shares. Nvidia is investing $2B each in Lumentum and Coherent, and is placing multi-billion dollar purchase commitments with each company to secure future capacity access rights for advanced laser and other optical components, the analyst tells investors in a research note. Rosenblatt says that while Fabrinet did not get an Nvidia investment, because it is not a laser maker, the news to be bullish for the company because it is Nvidia’s primary transceiver and co-packaged optics module manufacturer.