Northland Capital Markets Downgrades FormFactor (FORM) to Market Perform on Valuation

Northland Capital Markets analyst Gus Richard downgraded FormFactor (NASDAQ: FORM) from Outperform to Market Perform with a price target of $32.00.

The analyst comments "We are expecting a W shape semiconductor recovery. FormFactor's revenue is driven by new designs and volume. While the ramp of HBM 3 is helping its DRAM revenue, AI is not driving its foundry and logic revenue growth. 50% of semiconductor revenue is from PCs and cell phones and demand for both is weak. We believe heterogeneous integration and HBM are increasing probe card intensity. We believe the impact from increased intensity is priced into FORM's shares, but the anemic volume growth is not."

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 $35.67 yesterday.

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