Northland starts FormFactor at Outperform with $33 price target

As previously reported, Northland analyst Gus Richard initiated coverage of FormFactor (FORM) with an Outperform rating and $33 price target. Delays of Intel (INTC) products, China export bans, and weakness in the DRAM market have impacted FormFactor’s revenue in the second half, noted Richard, who sees the proliferation of advanced packaging driving demand for probe cards in 2023. His calendar 2023 estimates are "slightly above consensus" and he believes "there is likely more upside than risk to our estimates," the analyst noted.