FormFactor Inc. (FORM), a leading semiconductor test and measurement company, saw its stock plummet by 8.35% on October 31, 2024, amid growing concerns about its future revenue growth and profitability.
The sharp decline followed the company's Q3 2024 earnings report, which revealed mixed results. While FormFactor achieved an all-time record revenue of $207.9 million, up 21.2% year-over-year, it also faced challenges in maintaining its gross margins. The non-GAAP gross margin for the quarter stood at 42.2%, missing the company's target range.
Analysts raised concerns about FormFactor's ability to sustain its revenue growth momentum in the face of macroeconomic headwinds and geopolitical tensions. TD Cowen analyst Krish Sankar lowered the firm's price target on FORM to $44 from $60, citing mixed market conditions and revenue uncertainties. The analyst maintained a Hold rating on the stock, reflecting a cautious outlook.
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