Deutsche Bank Maintains Buy on Fabrinet

Deutsche Bank is out with its report today on Fabrinet (NYSE: FN), maintaining Buy.

In a note to clients, Deutsche Bank writes, "We had the pleasure of hosting FN's CFO Mark Schwartz on the road this week for investor meetings. The meetings left us incrementally more positive on FN, despite a modest short-term inventory correction at telecom customers. While orders weakened through the early part of the year, demand did stabilized in April, although mgmt noted that history suggests most corrections last 2-3 quarters. FN sees long-term growth coming from both end market growth of optical components and increased outsourcing."

Deutsche Bank maintains a $27 PT on FN.

Shares of FN closed Friday at $23.72, up 0.08% from Thursday's close.