FormFactor price target raised to $32 from $25 at Cowen

Cowen analyst Krish Sankar raised the firm’s price target on FormFactor to $32 from $25 and keeps a Market Perform rating on the shares. The analyst said results were above consensus on a mild decline in China sales as 1Q guidance also beat on expectations for a quarter-over-quarter improvement in foundry/logic probe card demand and a 530bps rebound in gross margin.