Benzinga | Jan 7, 2022 01:01PM EST

Needham Bumps Up FormFactor Price Target By 20%; Names Top Pick for 2022

* Needham analyst Charles Shi raised the price target on FormFactor Inc (NASDAQ:FORM) to $54 from $45 and reiterated a Buy rating on the shares. The price target implies an upside of 18%.

* Shi also named the stock Needham Top Pick for 2022 and added it to Needham's Conviction List.

* As the growth of the SemiCap sector moderates, FormFactor should deliver substantial earnings upside in 2022, driven by the long-term secular trend of advanced packaging adoption and the near-term upside from Intel Corp's (NASDAQ:INTC) Meteor Lake ramp.

* Shi adds that FormFactor was the worst-performing SemiCap stock in 2021 and is now bound for mean reversion.

* FormFactor designs, develops, manufactures, sells, and supports advanced semiconductor probe card products.

* Price Action: FORM shares closed higher by 7.02% at $45.73 on Thursday.