NEW YORK, February 17 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities maintain their Buy rating on the shares of Fabrinet (NYSE: FN). The 12-month target price is set to $24.
In a research note published on February 16, the analysts state that they hosted Fabrinet’s CFO Mark Schwartz and Chief Strategy Officer John Marchetti for Mid-Atlantic investor meetings. Investors showed concerns on the progress of the Thailand recovery and end-demand trends. The recovery is progressing more quickly than assumed, and the production at the Pinehurst facility is mainly back to normal, as per the February 6th call. Building 6 will be completed by March end, when Fabrinet will have the capacity to support the quarterly revenue of nearly $250 million to $260 million.
The company sees March as the quarter to end setting up displaced lines, however, the next quarter will be focused on finalizing qualifications. Moreover, September may be Fabrinet’s first “back to normal” quarter, with revenue expected to return to previous levels. As revealed earlier, the process of insurance recovery is still ongoing, and the company expects recording an extra loss of between $44 million and $63 million in relation with customer equipment, which exceeds the $40 million loss recorded in the December quarter.
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