Fabrinet initiated with an Equal Weight at Barclays

Barclays initiated coverage of Fabrinet (FN) with an Equal Weight rating and $292 price target The firm believes upside is “baked in at the current premium valuation.” While Barclays appreciates Fabrinet’s “strong positioning” with Nvidia (NVDA) optical transceivers, it says the timing and magnitude uncertainty on 1.6T ramp could be a concern for shares. It sees a balanced risk/reward at current Fabrinet share levels.