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Fly News Breaks for May 28, 2019
LITE, NPTN, FN
May 28, 2019 | 08:54 EDT
Needham analyst Alex Henderson lowered his price target on Fabrinet (FN) to $62 to reflect the company's loss of sales to Huawei on the expected impact to Lumentum (LITE) - one of Fabrinet's largest customers. The analyst notes that although Huawei is not a direct Fabrinet customer, between Lumentum and NeoPhotonics (NPTN), about 10% of its revenue is tied to Huawei through its customers. Henderson still keeps his Buy rating on the stock with an optimistic view that a trade deal between U.S. and China will be reached "at some point."
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