Needham analyst N.Quinn Bolton initiated FormFactor with a Buy rating and a price target of $19. The analyst cites the company's position as an "indisputable leader in the growing probe card market" as well as its expanding market share reaching the size that is double that of its closest peers. Bolton believes that FormFactor stands to benefit from the "growth of both foundry/logic and memory", saying it is the only company whose products balance between these two end markets. The analyst also sees FormFactor gaining from the broader trends of higher wafer test intensity demand coming from advanced packaging, 5G, and automotive semiconductors sectors.