Northland lowered the firm’s price target on FormFactor (FORM) to $23 from $30 and keeps a Market Perform rating on the shares. Q2 EPS missed by 3c and the company guided Q3 9c below consensus at the mid-point, the analyst tells investors. The miss and lower guidance were due to gross margin performance in the quarter falling at the low end of guidance, notes the analyst, who believes current headwinds make it difficult for FormFactor to reach its margin target model of 47% on $850M in revenue.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FORM:
- Formfactor’s Mixed Quarter: Strong HBM Growth Amid Profitability Challenges
- FormFactor Reports Strong Q2 Revenue Amid Challenges
- Closing Bell Movers: Microsoft jumps 9%, Meta up 12% on earnings beats
- FormFactor Secures $150M Credit Facility with Wells Fargo
- FormFactor reports Q2 non-GAAP EPS 27c, consensus 30c