Fabrinet price target raised to $140 from $135 at Needham

Needham analyst Alex Henderson raised the firm’s price target on Fabrinet to $140 from $135 and keeps a Buy rating on the shares after its Q1 earnings beat. The company delivered strong revenue growth and margins while offering better earnings visibility despite the looming recessionary environment, the analyst tells investors in a research note. Henderson adds that Fabrinet’s Auto segment had an "exceptional quarter" with 80% y/y and 55% sequential growth, and the business is expected to "sustain these much higher levels".