In a report released today, Craig Ellis from B.Riley FBR maintained a Buy rating on Formfactor (FORM), with a price target of $23. The company’s shares closed yesterday at $18.71, close to its 52-week high of $19.27.
Ellis wrote:
“Wednesday AMC, probe card specialist FORM’s 1Q results exceeded the Street by $1.8M/$0.02, though for a second consecutive quarter 2Q19’s guide was mixed with higher sales but lower EPS. The performance tracked closely to our preview with positives and negatives, and ample evidence overall that strategy execution is on firm footing, and with that a trajectory toward LT EPS expansion. Positives are: 1) 1Q revenue, GM, and opex % of sales all outperformed, showing strong execution, 2) key customers performed well, led by FORM’s largest US Logic customer and a leading Taiwan Foundry, with potential for material LT sales growth, 3) DRAM was resilient in the face of a severe sector-wide inventory correction and with a leading customer intermediate- term upside opportunity.”
According to TipRanks.com, Ellis is a top 100 analyst with an average return of 18.3% and a 66.2% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Axcelis Technologies, Skyworks Solutions, and Brooks Automation.
Formfactor has an analyst consensus of Moderate Buy, with a price target consensus of $18.75.
See today’s analyst top recommended stocks >>
Based on Formfactor’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $85.1 million. In comparison, last year the company had a net profit of $2.13 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
FormFactor, Inc. engages in the provision of test and measurement solutions. It operates through the following segments: Probe Cards and Systems. The Probe Cards segment consists of technologies and product architectures, including micro-electromechanical systems technologies.
