Needham Bumps Up FormFactor Price Target By 20%; Names Top Pick for 2022

Needham Bumps Up FormFactor Price Target By 20%; Names Top Pick for 2022
  • Needham analyst Charles Shi raised the price target on FormFactor Inc FORM to $54 from $45 and reiterated a Buy rating on the shares. The price target implies an upside of 18%.
  • Shi also named the stock Needham Top Pick for 2022 and added it to Needham's Conviction List. 
  • As the growth of the SemiCap sector moderates, FormFactor should deliver substantial earnings upside in 2022, driven by the long-term secular trend of advanced packaging adoption and the near-term upside from Intel Corp's INTC Meteor Lake ramp. 
  • Shi adds that FormFactor was the worst-performing SemiCap stock in 2021 and is now bound for mean reversion.
  • FormFactor designs, develops, manufactures, sells, and supports advanced semiconductor probe card products. 
  • Price Action: FORM shares closed higher by 7.02% at $45.73 on Thursday.
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