FormFactor price target raised to $50 from $40 at Craig-Hallum

Craig-Hallum raised the firm’s price target on FormFactor (FORM) to $50 from $40 and keeps a Buy rating on the shares. The firm continues to believe FormFactor is positioned to benefit from multiple growth drivers across its business. In the company’s foundry/logic probe card business, Craig-Hallum believes the company is positioned well as its leading customer, Intel (INTC), ramps its next generation “Meteor Lake” processor later this quarter, which in addition to a new probe card design adds increased test complexity with advanced packaging and is a client device where FormFactor has a strong share position. The firm believes the company is also pursuing a qualification with AMD (AMD), where the company is not currently a major supplier, which it thinks could be an opportunity in the tens of millions of dollars in annual revenue over time.