Fabrinet upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Samik Chatterjee upgraded Fabrinet to Overweight from Neutral with a price target of $156, up from $126. The analyst cites the company’s exposure to secular growth markets and track record to outperform, led by share gains and incremental outsourcing, for the upgrade. He has a long-term favorable view of Fabrinet’s exposure to markets with "strong secular growth themes," such as optical investments in telecom and datacom networks as well as adoption of LiDAR solutions in automotive and industrial applications.