Fabrinet

FN · NYSE

$355.48−$7.21 (−1.99%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $362.69

FN analyst rating

BuyConsensus of 7 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform0
Sell0

12-month price target · 14 analysts

Average $739.54 (+108.0% upside)

Low: $603.98
Now: $355.48
High: $892.50

Upgrades and downgrades

The latest rating actions, newest first

FN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Oct 15, 2026	Maintains	Neutral	$598.00 → $431.00	61%
Rosenblatt	Aug 20, 2026	Maintains	Buy	$750.00	56%
JP Morgan	Aug 18, 2026	Maintains	Neutral	$680.00 → $695.00	58%
Barclays	Aug 18, 2026	Maintains	Overweight	$702.00 → $739.00	58%
Rosenblatt	Aug 18, 2026	Maintains	Buy	$750.00	56%
Needham	Aug 18, 2026	Maintains	Buy	$650.00	50%
Needham	Jul 22, 2026	Maintains	Buy	$800.00 → $650.00	50%
Barclays	May 6, 2026	Maintains	Overweight	$548.00 → $702.00	58%
JP Morgan	May 5, 2026	Maintains	Neutral	$700.00 → $680.00	70%
Needham	May 5, 2026	Maintains	Buy	$800.00	50%

The case for and against

Updated Oct 14, 2026

Bull case

Fabrinet is positioned well because its core optical packaging and complex manufacturing capabilities are benefiting from strong secular demand across DCI, OCS, CPO/NPO, LEO satellites, industrial lasers, EV charging, and Datacom transceivers. The company delivered 4Q26 revenue of $1.32 billion, up 45% year over year, with gross margin of 12.2% and EPS of $4.10, while a new Datacom customer base largely offset the NVIDIA decline and underscored improving diversification. Management also highlighted capacity rising toward about $9.8 billion by March 2027 and possibly near $14 billion with additional buildings, supporting the view that Fabrinet can compound growth with high returns and a broader customer mix.

Bear case

Fabrinet is facing a cautious fundamental setup because it has only about 13 weeks of customer visibility, can be exposed to order cancellations or delays, and relies on four customers that each contributed at least 10% of FY26 revenue, creating meaningful concentration risk. Its supply chain is also stretched by limited suppliers and wafer lead times of about 30 weeks, while F4Q26 free cash flow was negative at $(35.6)mn amid elevated capex, even though operating cash flow was $55mn. The company’s new AI transceiver business has quickly reached a $1bn run rate, but the outlook remains vulnerable if capacity ramps slow, the original customer pauses orders, or Datacom share gains fail to broaden, all while currency and Thailand tax pressure can weigh on margins.

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