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Fabrinet Upgraded to Strong Buy


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On Aug 16, 2013, Zacks Investment Research upgraded Fabrinet (FN - Snapshot Report) to a Zacks Rank #1 (Strong Buy). This optical packaging and precision optical manufacturing company has outperformed the Zacks Consensus Estimate in the last four quarters with an average magnitude of 15.1%.

Why the Upgrade?

On Aug 15, 2012, Fabrinet reported fourth quarter and fiscal 2013 earnings results. The fourth quarter earnings of 35 cents per share breezed past the Zacks Consensus Estimate by 29.6%.

Net revenue surged 12.0% year over year to $159.9 million, primarily led by strong growth in the non-Optical Communications business, which was partially offset by declines in Optical Communications.

Fabrinet expects first quarter fiscal 2014 revenues to be in the range of $158 million to $162 million. GAAP net income per share is expected to be in the range of 46 cents to 48 cents, while non-GAAP earnings are projected in the range of 31 cents to 33 cents a share.

Following the earnings results, estimates for Fabrinet are showing an upward trend. The Zacks Consensus Estimate for the first quarter of 2014 grew 11.1% as the sole estimate for the period was revised higher. Similarly, the estimate for the second quarter moved 13.3% higher to 34 cents.   

The Zacks Consensus Estimate for fiscal year 2014, ending Jun 2014, increased nearly 6.3% in the past 7 days to $1.35 per share, as two estimates for the period were revised higher. For fiscal 2015, ending Jun 2015, the Zacks Consensus Estimate increased 2.7% to $1.50 in the last 7 days.

Other Stocks to Consider

The following companies with favorable Zacks Rank are also performing well and are worth considering.

1)      Nidec Corp. (NJ - Snapshot Report) carries a Zack Rank #1 (Strong Buy)

2)      AVX Corp. (AVX - Snapshot Report) carries a Zack Rank #2 (Buy)

3)      Ballard Power Systems Inc. P) carries a Zacks Rank #2 (Buy)

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