New York, Jan 19, 2026, 21:11 EST — Market closed.
- Fabrinet (NYSE:FN) finished at $494.45, slipping 0.6%, even as U.S. markets were closed Monday for a holiday.
- Last week, Barclays upgraded FN to overweight and bumped its price target up to $537.
- Investors are focused on the upcoming earnings report for clues about demand in high-speed optical markets.
Fabrinet shares slipped 0.6% on Friday, closing at $494.45. U.S. markets were closed Monday and will reopen Tuesday. The stock remains roughly 6.8% higher than its close on Jan. 12, despite a volatile week that pushed it up to $511.20 at one point. 1
The upcoming session is crucial as a new surge of bullish bets has thrust Fabrinet back into the “AI optics” spotlight, with investors positioning ahead of its early-February earnings. On Jan. 14, Barclays bumped Fabrinet’s rating from equal-weight to overweight and raised its price target to $537, according to analyst Tim Long, as reported by GuruFocus. 2
Barclays described Fabrinet as “the company with the most upside to revenue numbers in 2026” in its recent note, highlighting its connection to high-speed optical transceivers based on Nvidia designs. The bank also mentioned the ongoing, gradual shift from 800G to 1.6T data rates—referring to 800 gigabit and 1.6 terabit speeds—and expects this transition to accelerate through 2026. 3
Fabrinet, a supplier of optical packaging and precision manufacturing for complex products, posted first-quarter fiscal 2026 revenue of $978.1 million and non-GAAP EPS of $2.92. CEO Seamus Grady noted the revenue boost “flowed directly to the bottom line.” Looking ahead, the company expects second-quarter revenue between $1.05 billion and $1.10 billion, with non-GAAP earnings per share forecast at $3.15 to $3.30. 4
Fabrinet finds itself at the heart of a trade investors favor: contract and component manufacturers set to gain as cloud and high-performance computing spending picks up. Companies such as Celestica, Jabil, and Flex often move in sync when markets price in data-center expansions.
Since there was no trading on Monday, the key question now is if buyers step back in on Tuesday to hold last week’s gains or if the stock slips as investors weigh a growing list of bullish target prices. FN has been swinging wildly day to day recently, and that volatility can turn against traders quickly when liquidity dries up.
Traders are keeping an eye on shifts in mega-cap tech and semiconductors. That’s usually where the “optics and interconnect” story gains traction — but just as quickly, it can falter if risk appetite fades.
The setup isn’t straightforward. If next-generation optical modules roll out slower than expected, or pricing tightens due to more suppliers chasing the same programs, utilization and margins could take a hit. And with this manufacturing model, those impacts often appear abruptly. A pause in customer orders would have a similar effect.
Investors are now setting their sights on Fabrinet’s upcoming earnings report, tentatively scheduled for after the close on Feb. 2, according to MarketBeat. The company hasn’t officially confirmed this date yet. This next release will be the real test — the stock will have to deliver solid numbers, not just stories. 5
