Craig-Hallum downgrades FormFactor after ‘cryptic guidance’

Craig-Hallum downgraded FormFactor (FORM) to Hold from Buy without a price target The company offered “cryptic guidance” on the earnings call relating to its revenue, gross margin, and earnings potential following completion of additional capacity exiting 2027, the analyst tells investors in a research note. Craig-Hallum says it has limited conviction in what FormFactor will look like exiting 2026. As such, it downgraded the shares pending greater clarity post the May 11 investor day.