This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
What it Does: Makes optical telecommunications equipment
Fabrinet(FN - Get Report) priced shares in its June IPO below its expected range and was forced to cut its offering by as much as 29%. The company, which provides manufacturing services for optical networking equipment, offered its shares for $12 to $14, but sold the stock for $10 a piece.
Fabrinet's luck has turned since then, as shares have risen more than 210% since initial pricing.
The Bangkok-based company reported second quarter revenue of $184.6 million, up from 61% in the same period last year, and GAAP EPS of 46 cents, which beat estimates by two cents.
Earlier this month, Zacks Investment Research upgraded shares of Fabrinet from neutral to outperform, and Stifel Nicolaus upped its price target to $24 from $20.
"Fabrinet remains one of our favorite stocks in 2011 based on its industry-leading margins and growth," said Deustche Bank analyst Sherri Scribner, who also raised her price target on the company.