🔴 Fabrinet drops 4.1% after JPMorgan price target cut, Broadcom-led chip selloff

Fabrinet is trading at $686.00 (-4.1%) following a sharp drop driven by both a company-specific analyst action and a broader sector downturn.

• JPMorgan Chase & Co. cut its price target on Fabrinet to $680, sparking a gap down at the open and intensifying concerns that the stock's valuation had run ahead of fundamentals.
• The stock was also pressured by a wider semiconductor sell-off triggered by Broadcom's (AVGO) post-earnings slide. Broadcom's shares fell over 13% after its AI revenue outlook disappointed investors, weighing on chip-related names across the industry.