FormFactor price target lowered to $45 from $60 at Craig-Hallum

Craig-Hallum analyst Christian Schwab lowered the firm’s price target on FormFactor (FORM) to $45 from $60 and keeps a Buy rating on the shares. Domestic Chinese DRAM exposure was greater than the firm expected since FormFactor completed the sale of its China businesses in February of 2024. The company stated this quarter that they have recently been shipping $10M a quarter to China domestic DRAM customers, which with U.S. Commerce Department restrictions is expected to go to zero beginning in Q1 and be a significant headwind to revenue growth in 2025, Craig-Hallum adds.