FORM

I maintain a Strong Buy on FormFactor, raising my price target from $134 to $170 due to accelerated earnings growth. FORM beat Q2 2026 expectations with $258.2 million revenue, and $0.82 non-GAAP EPS and guided for another record Q3, highlighting robust multi-segment performance. HBM remains an important growth driver, but GPU and custom ASIC testing have become much more important after FORM qualified its advanced MEMS technology at a leading foundry.

FormFactor is rated Buy, with 26% upside potential to a $145 price target based on earnings growth and a 35x multiple. FORM benefits from rising semiconductor complexity, advanced memory, and optical testing, supporting both revenue growth and a higher-margin product mix. Recent results show strong momentum: Q2 2026 revenues reached $258.2M, GAAP gross margin was 50.7%, and adjusted EPS was $0.82.

AI infrastructure demand is fueling growth in semiconductor equipment, with AMKR, UCTT and FORM offering major price upside.

FormFactor, Inc. (FORM) Presents at Citi's 2026 Global TMT Conference Transcript

As the quantum computing industry matures, companies have begun to diverge in terms of stock performance. Firms that have recently been struggling are down sharply—D-Wave Quantum Inc. NASDAQ: QBTS, for example, has seen its shares plunge by 33% year to date (YTD), partly due to an earnings report that many investors found concerning.

FormFactor, Onto and Viavi pair strong 52-week gains with sharp one-week pullbacks, fitting a momentum anomaly strategy for volatile markets.

FormFactor (FORM) reported earnings 30 days ago. What's next for the stock?

The consensus price target hints at a 28.9% upside potential for FormFactor (FORM). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

Shares of semiconductor test equipment names are sliding Wednesday morning as a broad derisking wave hits some of 2026's biggest chip winners.

LIVERMORE, Calif., Aug. 12, 2026 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the following investor conferences: