Shares of Fabrinet (FN) are soaring 5.02% during Wednesday's intraday trading session, following a significant price target upgrade from Barclays. The stock's robust performance comes as investors react positively to the analysts' bullish outlook.

Barclays has raised its price target on Fabrinet to $499 from $329, representing a substantial increase of over 51%. Despite the significant boost in the price target, the firm maintains an Equal Weight rating on the shares. This adjustment comes in the wake of Fabrinet's fiscal Q1 earnings report, suggesting that the company's financial performance has exceeded expectations.

While the raised price target has clearly sparked investor enthusiasm, it's worth noting that Barclays' maintained Equal Weight rating indicates a balanced view on the stock's potential. Market participants will likely be watching closely to see if other analysts follow suit with revised outlooks, and whether Fabrinet can sustain this momentum in the coming trading sessions.