FormFactor price target raised to $36 from $32 at DA Davidson

DA Davidson analyst Hans Chung raised the firm’s price target on FormFactor to $36 from $32 and keeps a Buy rating on the shares. The company’s Q4 earnings and Q1 guidance outperformed expectations, driven mainly by the recovery of China-related revenue and moderately stronger demand in mobile and PC driven by new product ramps, the analyst tells investors in a research note. The firm adds that despite the current downturn, demand is stabilizing, and it remains bullish on FormFactor’s medium-to-long-term prospects.