Craig-Hallum analyst Christian Schwab upgraded FormFactor to Buy from Hold with a $175 price target following the company's Investor Day and updated target model. As the number one probe card supplier globally, management targets $1.6B in revenue and EPS of $5 by 20230, with revenue growing at roughly two times the underlying 8% SAM CAGR as the market expands from what management believes will be $3.1B in 2025 to $4.5B by 20230 with Probes growing from $2.8B to $4.0B and Systems from $0.3B to $0.5B, driven by increasing test intensity, support from diversified core businesses, and outsized growth from CPO, GPU, and custom ASICs.
