Needham Bumps Up FormFactor Price Target By 20%; Names Top Pick for 2022

Needham analyst Charles Shi raised the price target on FormFactor Inc FORM to $54 from $45 and reiterated a Buy rating on the shares. The price target implies an upside of 18%.
Shi also named the stock Needham Top Pick for 2022 and added it to Needham's Conviction List.
As the growth of the SemiCap sector moderates, FormFactor should deliver substantial earnings upside in 2022, driven by the long-term secular trend of advanced packaging adoption and the near-term upside from Intel Corp's INTC Meteor Lake ramp.
Shi adds that FormFactor was the worst-performing SemiCap stock in 2021 and is now bound for mean reversion.
FormFactor designs, develops, manufactures, sells, and supports advanced semiconductor probe card products.
Price Action: FORM shares closed higher by 7.02% at $45.73 on Thursday.