FormFactor, Inc.
FORM · NASDAQ
Analyst ratings
buy · 6 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| June 12, 2026 | B. Riley Securities | Upgrades | Buy | $165.00 |
| June 5, 2026 | Evercore ISI Group | Upgrades | Outperform | $155.00 |
| May 12, 2026 | B. Riley Securities | Maintains | Neutral | $165.00 |
| April 30, 2026 | TD Cowen | Maintains | Hold | $150.00 |
| April 30, 2026 | Citigroup | Maintains | Buy | $165.00 |
| April 30, 2026 | Evercore ISI Group | Maintains | In-Line | $155.00 |
| April 29, 2026 | Evercore ISI Group | Maintains | In-Line | $133.00 |
| April 13, 2026 | B. Riley Securities | Downgrades | Neutral | $130.00 |
| April 6, 2026 | Cantor Fitzgerald | Maintains | Overweight | $125.00 |
| February 5, 2026 | Citigroup | Maintains | Buy | $98.00 |
| February 5, 2026 | Stifel | Maintains | Hold | $75.00 |
| February 5, 2026 | TD Cowen | Maintains | Hold | $80.00 |
| February 5, 2026 | Evercore ISI Group | Maintains | In-Line | $80.00 |
| February 5, 2026 | Cantor Fitzgerald | Reiterates | Overweight | $100.00 |
| February 2, 2026 | Cantor Fitzgerald | Maintains | Overweight | $100.00 |
| January 22, 2026 | Citigroup | Maintains | Buy | $96.00 |
| January 14, 2026 | Stifel | Maintains | Hold | $65.00 |
| December 12, 2025 | B. Riley Securities | Maintains | Buy | $78.00 |
| October 30, 2025 | TD Cowen | Maintains | Hold | $50.00 |
| October 30, 2025 | Citigroup | Upgrades | Buy | $62.00 |
| October 30, 2025 | Evercore ISI Group | Maintains | In-Line | $50.00 |
| October 13, 2025 | Stifel | Maintains | Hold | $35.00 |
| October 10, 2025 | B. Riley Securities | Upgrades | Buy | $47.00 |
AI and HBM-driven revenue growth sustainability
FormFactor posted record Q1 2026 revenue up 32% year over year, with record DRAM revenue driven by higher HBM demand. Management guided for ~$240M in Q2 2026 revenue — another record — with sequential gross margin and EPS improvement, signaling durable AI infrastructure and memory test tailwinds.
Despite the AI-driven narrative, FORM shares lost 13.4% in a single session during a rotation out of semiconductor names, illustrating that the stock is highly sensitive to shifts in AI sentiment. This volatility suggests the growth story may be priced on fragile momentum rather than structural demand.
Analyst price target divergence and valuation uncertainty
The analyst consensus on FormFactor is 'Buy,' with an average 12-month price target of $144.67, implying over 37% upside. Several firms — including Craig-Hallum, Cantor Fitzgerald, and B. Riley — have set targets as high as $175, reflecting strong confidence in the company's earnings trajectory.
The range of analyst price targets is extraordinarily wide, spanning from $64 to $175, with one analyst at Stifel setting a target of just $75. This stark dispersion signals deep uncertainty about FormFactor's fair value and the durability of its recent growth.
Technical momentum versus fundamental strength
Long-term technical indicators, including the 150-day and 200-day moving averages, and multiple MA crossovers, register buy signals for FORM. The stock was also added to the Russell 1000 in June 2026, which can enhance institutional visibility and support sustained buying interest.
Short- and medium-term technical indicators — including the Trend Seeker, 20-day, 50-day, and 100-day moving averages — are all issuing sell signals. The overall Barchart signal is rated 'Soft' with a 'Weakest' direction, pointing to near-term downside pressure despite the positive longer-term picture.