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Investment Thesis
I am upgrading FormFactor (FORM) from a Buy to a Strong Buy with a price target of $134. This represents an upside potential of 27% from the current price $105 per share.
Why I Am Upgrading FormFactor To A Strong Buy
Summary
- I am upgrading FormFactor to Strong Buy with a $134 price target, representing 27% upside potential.
- Growth should be driven by rising HBM test complexity, stronger demand for GPU and networking probe cards, co-packaged optics adoption, and operating leverage from the Farmers Branch manufacturing ramp.
- I arrive at my price target by applying a 40x FWD non-GAAP P/E multiple to my 2028 non-GAAP EPS estimate of $3.34.
- The main risks are an HBM or AI infrastructure slowdown, delays at Farmers Branch, and slower CPO adoption.
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About FORM Stock
| Symbol | Last Price | % Chg |
|---|---|---|
| 113.75 | 8.01% | |
| Post | 114.00 | 0.22% |
Chart
Chart with 160 data points.
The chart has 1 X axis displaying Time. Data ranges from 2026-07-16 09:30:00 to 2026-07-21 16:00:00.
The chart has 1 Y axis displaying values. Data ranges from 97.52 to 113.84.
End of interactive chart.
Related Stocks
| Symbol | Last Price | % Chg |
|---|---|---|
| 113.75 | 8.01% | |
| Post: | 114.00 | 0.22% |
Chart
Chart with 160 data points.
The chart has 1 X axis displaying Time. Data ranges from 2026-07-16 09:30:00 to 2026-07-21 16:00:00.
The chart has 1 Y axis displaying values. Data ranges from 97.52 to 113.84.
End of interactive chart.
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