Fabrinet shares fell 32% over the past month amid a broader sell-off in AI-related optics stocks. The decline reflected sector-wide concerns about AI funding and spending by large-scale data center operators, rather than negative company-specific news.
On November 2, Fabrinet reported record quarterly revenue of $1.47 billion. Revenue rose 51% year over year.
On November 3, Barclays reiterated its Buy rating. The bank set a $496 price target. That target implied 58% upside from the November 2 closing price.
Fabrinet also posted record earnings per share and provided strong guidance for the upcoming quarter. Its data center business surged 78%.