Chip testing firm FormFactor surges to record high after quarterly results beat

Semiconductor testing equipment maker FormFactor FORM.O shares surging 18.3% to $84.64 and hit new record high on Thurs after Q4 results exceed analysts' expectations

FORM rises as much as 21.2% to $86.75, surpassing prior all-time intraday peak of $85.49 hit on Jan 22

Livermore, California-based co late Weds posted Q4 adj EPS of 46 cents on rev of $215 mln, up about 14% yr/yr, driven by strong DRAM (dynamic random access memory) demand

Wall Street had modeled earnings of 35 cents/sh and rev of $210 mln, per LSEG

Co projected Q1 adj EPS of 45 cents, plus or minus 4 cents, and rev of $225 mln, plus or minus $5 mln

TD Cowen, which maintained 'hold', boosted its PT from $50 to $80

"We expect margins to improve through the year with a path towards 45% exiting CY26 due to growing sales volumes, higher factory utilization rates, product mix benefits and operational improvements," TD Cowen wrote in note

Other PT hikes include: Citigroup from $96 to $98, Stifel from $65 to $75 and B. Riley from $88 to $100

4 of 10 brokerages rate the stock "strong buy" or "buy", 6 "hold"; median PT of $80 up from $55 a month ago - LSEG

With move on the session, stock up 52% YTD and has tripled over the past six months