FormFactor (FORM) is higher today after Citi raised its price target to $96 from $62, pointing to higher 2026 revenue estimates and an expectation that investors will focus on gross-margin improvement. The stock’s gain comes as the market looks for continued operating leverage and stronger profitability as demand for advanced semiconductor test solutions remains a key theme. citeturn1search3

The call lands just weeks before FormFactor is set to report first-quarter 2026 results on April 29, 2026, keeping attention on whether management can reaffirm or raise outlook and sustain margin momentum. In the near term, incremental rating and target changes can have an outsized impact on momentum-driven names that have already been moving on expectations for AI-related test intensity. citeturn1search2

Key swing factors into earnings include updates on gross margin trajectory, evidence of durability in high-performance memory and AI-adjacent test demand, and commentary on how quickly new programs convert into production probe-card volumes. Investors will also watch whether additional analysts follow with target increases, as recent notes have already highlighted the bull case tied to advanced testing requirements. citeturn1search0