Citi Likes FormFactor (FORM)

Citi Investment Research is out with a research note on FormFactor, Inc.

, and it has a Buy rating and a $13 price target on shares. In a note to clients, Citi writes, "We are raising our CQ4 EPS from ($0.55) to ($0.39), although 2011 didn't change much at all and remains ~($0.60) with long-awaited EPS profitability likely in 2H:11. C2012 EPS remains ~$0.80. Maintain Buy, $13 target on 7x CY12 EPS of ~$0.80 adding back ~$6/share net cash and ~$1/share NPV of off-balance sheet deferred tax asset." Shares of FORM lost 55 cents yesterday to close at $8.37, a drop of over 6%.