FormFactor (FORM) PT Raised to $11 at Needham & Company

Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and boosted his price target on FormFactor (NASDAQ: FORM) to $11.00 (from $10.00) after the completion of the Cascade Microtech acquisition.

Mok commented, "We are updating our FORM model after the completion of the Cascade Microtech acquisition and to reflect 1Q16 earnings results (on April 27). After the initial concerns over the high price paid for Cascade and the subsequent surprise pre-announcement on March 29, FORM shares recently rallied due to higher expectations for a stronger 2H16. We believe solid demand for SoC and RF probe cards combined with any recovery in DRAM should drive organic growth over the next few years. In our view, this top-line growth coupled with deal synergies will drive substantially greater earnings expansion ahead, powering the share price higher. Reiterate our Buy and raising our PT to $11 (from $10)."

For an analyst ratings summary and ratings history on FormFactor click here. For more ratings news on FormFactor click here.

Shares of FormFactor closed at $8.92 yesterday.

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