Barclays Reiterates an 'Equalweight' on FormFactor (FORM); Turnaround Continues, But Profitable Results Still Difficult to Forecast

Barclays reiterates an 'Equalweight' on FormFactor (NASDAQ: FORM), PT to $10.

Barclays analyst says, "FORM Reported Generally Good Results and Guide with Cash Burn Generally Better...But Visibility to Top-Line Growth Remains a Question Mark...We now model net cash of ~$6 exiting CY12 (old ~$5.25), which clearly offers greater support. This said, we continue to model losses in CY11 (-$1.10) and CY12 (-$0.50). We now offer price target of $10 or ~1.3x expected BV of ~$7.50 exiting CY12 (old price target was based on ~1.1x prior expected BV of $7.02). Until we see visibility to profitable results, we find it difficult projecting EV/sales greater than 1.0x."

For more ratings news on FormFactor click here and for the rating history of FormFactor click here.

Shares of FormFactor closed at $10.70 yesterday.

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