Piper Jaffray Starts FormFactor (FORM) at Neutral
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Piper Jaffray assumes coverage on FormFactor (Nasdaq: FORM) with a Neutral rating and raises its price target from $17 to $20.
The firm believes FormFactor "is facing the perfect storm of unfavorable events: he company has misexecuted a new product transition; there is a slowdown in demand in its primary end market (DRAM); the company is not exposed to the leading customers in the memory market; and we believe that FORM is likely to lose share at Intel in the second half of CY08."
Although Piper raised its price target on FormFactor, the firm seems much more bearish on the stock than previously. Following FormFactor's recent new product (Harmony) delays, the firm said it "is not clear that the company will be able to regain the dominate market share it has historically enjoyed."
FormFactor, Inc. engages in the design, development, manufacture, sale, and support of semiconductor wafer probe cards worldwide.
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