On June 15, FormFactor rose 7.74% in regular trading, trading at $148.365/share, with turnover of $30.55 million, extending its recent oversold rebound trajectory.
On the news front, multiple investment banks have consecutively upgraded their ratings on the stock. B.Riley recently upgraded FormFactor from Neutral to Buy, maintaining a $165 price target. Previously, Evercore ISI upgraded its rating from In Line to Outperform, setting a target price of $155. According to FactSet, the stock carries an average analyst rating of Overweight with a mean target price of $154.75.
The upgrades follow FormFactor's strong Q1 results, which showed revenue of $230 million, gross margin improving 5.1 percentage points sequentially to 49.0%, and raised Q2 guidance. The broader semiconductor equipment sector also strengthened collectively, with peers including Lam Research up 4.95%, Applied Materials up 3.3%, and AXT Inc up 14.3%, providing additional tailwinds.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)