Needham & Company Cuts the Price Target on FormFactor (FORM) After Meeting with Management
Get Alerts FORM Hot Sheet
Rating Summary:
4 Buy, 6 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 2 | Down: 3 | New: 2
Join SI Premium – FREE
Needham & Company reiterated a Buy rating on FormFactor (NASDAQ: FORM), and cut the price target to $10.00 (from $12.00), after meeting with management. Analyst Edwin Mok believes that FORM is winning new business in SoC, and expects stock volatility as the Street adjusts its models.
Mok commented, "FORM's stock saw substantial pressure last week due to concerns over the weakness in the PC sector (35-40% exposure) and pricing pressure on falling Yen exchange rate. We had the opportunity to meet with CEO Mike Slessor and CFO Mike Ludwig, where we touched on the near-term headwinds, but also came away confident on FORM's long-term growth drivers. While near-term industry weakness seems to be outweighing share gains and drivers in other areas, we believe FORM is winning new businesses in SoC and gaining momentum with the new NAND probe card. We expect the stock to face some volatility as the Street adjusts its models, but we would use any pullback around a softer 3Q15 guidance as a buying opportunity. We maintain our Buy, but lower our estimates and PT to $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 $7.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- OncoCyte Corp (OCX) PT Raised to $4.25 at Needham
- Atlas Copco AB (ATCOA:SS) (ATLKY) PT Raised to SEK205 at JPMorgan
- Truist Securities Downgrades HashiCorp Inc (HCP) to Hold
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!