由于花旗削减“非人工智能软度”，FormFactor下滑

2025-08-21 20:16

FormFactor (NASDAQ:FORM) was in focus on Thursday as Citi downgraded the semiconductor testing and equipment firm, citing “non-AI softness.”
Shares fell 2% in premarket trading.
“The growing demand of advanced packaging, and especially [high bandwidth memory], is driving ~20% higher probe cards intensity, and we view FORM as a key beneficiary thanks to its strong position at SK Hynix and differentiated technology,” Citi analyst Elizabeth Sun wrote in a note to clients. “That said, muted smartphone and PC markets, which are expected to grow at low-single-digit in 2025/2026, are pressuring both revenue and margins. FORM's gross margin has been disappointing at sub-40% level in 1H2025, and we await more self-help initiatives to be taken to bring [gross margin] back to the 47% target level.”
Sun downgraded FormFactor to Neutral from Buy and put a $31 price target on it.
Despite the downgrade, Sun said she views co-packaged optics as a “major” potential growth catalyst as it pushes from laboratories to the fabs.

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