FormFactor price target lowered to $52 from $60 at Needham

Needham lowered the firm’s price target on FormFactor (FORM) to $52 from $60 but keeps a Buy rating on the shares. The company reported a solid Q3 but guided Q4 below consensus, with demand tied to consumer electronics such as PCs and smartphones turning weaker into Q4, the analyst tells investors in a research note. On the bright side however, DRAM probe card revenue is expected to grow to a new record next quarter, as High Bandwidth Memory revenue, well-supported by backlog, will bounce back from a temporary pullback in Q3, the firm added.