Fabrinet Shares Popped: What You Need to Know

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Fabrinet (NYSE: FN  ) rose nearly 23% in early trading before closing up 17.6% for the day. Investors cheered the company's fourth-quarter results.

So what: Revenue for the Bangkok-based provider of complex manufacturing services rose 21% to $190.3 million while adjusted profit rose 14% to $0.50 a share.

Now what: Analyst estimates weren't available at Yahoo! Finance, but we know at least one Wall Street firm was impressed. JP Morgan upgraded the stock to "overweight" from "neutral" and set a near-term price target of $21.50 a share, theflyonthewall.com reported. Do you agree with that assessment? Would you buy shares of Fabrinet at these levels? Weigh in using the comments box below.

Interested in more info on Fabrinet?Add it to your watchlist.

Fool contributorTim Beyers is a member of theMotley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim'sportfolio holdings andFoolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insightsdelivered directly to your RSS reader.

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