FormFactor (FORM) PT Raised to $48 at TD Cowen

TD Cowen analyst Krish Sankar raised the price target on FormFactor (NASDAQ: FORM) to $48.00 (from $37.00) while maintaining a Hold rating.

The analyst commented: "FORM delivered a solid March '24 Q print and guided June '24 Q growth above expectations as HBM probe card demand continues to drive results. We est. >$50M sales in C1H24 vs. ~$30M in CY23. HBM demand w/ opp. to grow outside main customers, adv. pkg. driving test intensity, and upward guide are positives while mix driven margin pressure and limited visibility remain negatives. SOTP PT to $48."

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