May. 12 at 11:15 AM
$FORM FORM Craig-Hallum upgraded FormFactor to Buy with price target of
$175
Craig-Hallum analyst Christian Schwab upgraded FormFactor to Buy from Hold with a
$175 price target following the company's Investor Day and updated target model. As the number one probe card supplier globally, management targets
$1.6B in revenue and EPS of
$5 by 20230, with revenue growing at roughly two times the underlying 8% SAM CAGR as the market expands from what management believes will be
$3.1B in 2025 to
$4.5B by 20230 with Probes growing from
$2.8B to
$4.0B and Systems from
$0.3B to
$0.5B, driven by increasing test intensity, support from diversified core businesses, and outsized growth from CPO, GPU, and custom ASICs.
