FORM FormFactor Inc.

$FORM FormFactor initiated with a Buy at Deutsche Bank Deutsche Bank initiated coverage of FormFactor with a Buy rating and $200 price target. The company has "cemented itself" as the second source of probe cards for Nvidia's graphic processing units at TSMC, the analyst tells investors in a research note. The firm says this opens up a total addressable market which is equal in dollar value to FormFactor's total logic probe card sales in 2026 of $500M. It expects the first sales in the second half of 2026, with a path towards 20% share by 2028. And despite giving up 40% of share to Technoprobe, Deutsche thinks FormFactor's high bandwidth memory sales can still reach $400M in 2028.

A 228% run in 12 months for FormFactor, with profit at $115M over the past 12 months, up 163%. The company scores a 16 right now, Excellent, #103 of 3,283. $FORM

$FORM : is showing a bullish triangle breakout, with price around $149.15 pushing above the descending resistance line and the $140 breakout zone. Holding above roughly $135–$140 would support continued bullish momentum, with potential upside toward $160 and then the $180 area. Key support sits near $119.11, followed by approximately $101.47 if the breakout fails.

$FORM Attached is the section relating to FORM from Citi's recent analyst report (9/10/26) regarding US Semis and Semi Equipment.

$FORM Deutsche Bank initiated coverage today with a Buy and a 200 target. The stock is up ~9.5% to ~149, and ~167% this year (Dow Jones). The substance is the Nvidia read. Analyst George Brown says FormFactor has "cemented itself" as the second source of probe cards for Nvidia's GPUs at TSMC, with sales starting in the second half of this year. DB's math: up to 20% of that GPU probe-card business by 2028, worth 200M-plus in annual sales, against a 500M market that is roughly the size of FormFactor's entire probe-card business today. Brown's second point is HBM. FormFactor is dominant in high-bandwidth memory test equipment, and DB projects those sales growing to 400M even as Technoprobe pushes in. His 2028 earnings estimate is 6.30 a share, about 25% above the Street's 5.03. Next check is the Q3 print in late October. Consensus expects 86 cents a share on 270.4M in sales, vs 82 cents on 258.2M in Q2.

$FORM's been sliding about 7.5% over the past five days This is happening even with a Q2 beat and raised Q3 guidance Only one modest far-OTM call sweep on the tape Not much of a signal there Tomorrow's open will be telling Do we fade any bounce or stick with the downside momentum It's a clash of fundamentals and price action Keep an eye on it