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FormFactor upgraded to Strong Buy with 27% upside on growth in HBM testing and GPU demand.

Analyst Insights
21 Jul 2026
Seeking Alpha
View Source
Bullish
pluang ai news

FormFactor has been upgraded from Buy to Strong Buy with a price target of $134, indicating a 27% upside from its current price of $105. The upgrade is driven by expected growth in high-bandwidth memory (HBM) test complexity, increased demand for GPU and networking probe cards, adoption of co-packaged optics, and operational efficiencies from ramping up manufacturing at Farmers Branch. Risks include potential slowdowns in HBM or AI infrastructure, delays in manufacturing, and slower adoption of co-packaged optics. The price target is based on a 40x forward non-GAAP P/E multiple applied to the 2028 earnings estimate.

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