Fabrinet (FN) shares experienced a significant pre-market plunge of 7.36% on Tuesday. This downward movement can be attributed to Barclays' decision to lower the firm's price target on Fabrinet from $292 to $245, while maintaining an Equal Weight rating on the stock.
The price target revision by Barclays came after Fabrinet reported its quarterly earnings results. While the report's specific details are not mentioned in the available news, it appears that the company's performance or outlook prompted the analysts at Barclays to reassess their valuation of the stock, leading to the lowered price target.
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