What Happened?
Shares of semiconductor testing company FormFactor (NASDAQ: FORM) jumped 4.5% in the morning session after it continued to rally as B. Riley Securities upgraded the stock to Buy from Neutral.
Analyst Craig Ellis made the rating change while maintaining a price target of $165. The upgrade coincided with a broader rebound in the semiconductor sector, which was recovering from a selloff earlier in the month. The recovery highlighted the underlying strength of demand driven by artificial intelligence, which continues to power the industry forward.
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What Is The Market Telling Us
FormFactor’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
FormFactor is up 131% since the beginning of the year, but at $137.04 per share, it is still trading 11.6% below its 52-week high of $155.08 from April 2026. Investors who bought $1,000 worth of FormFactor’s shares 5 years ago would now be looking at an investment worth $3,915.
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