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FORM

FormFactor

$14.00

-0.75 (-5.08%)

, INTC

Intel

$51.97

0.1 (0.19%)

09:58
07/10/18
07/10
09:58
07/10/18
09:58

FormFactor lower after B. Riley FBR highlights 'clouded' near-term visibility

After meeting with management, B. Riley FBR analyst Craig Ellis believes FormFactor's earnings per share can still reach $1.50 in the next few years. In the near term, however, two items cloud visibility, impacting the company and numerous other front-end suppliers, Ellis tells investors in a research note. First, the analyst senses a lack of visibility in a Korean customer's 1Y DRAM ramp. Second, he believes Intel's (INTC) unanticipated CEO transition clouds the outlook for the next 14nm architecture refresh and potentially the timing of the 10nm ramp. Ellis keeps a Buy rating on FormFactor with a $19 price target. The stock in early trading is down 95c, or 6%, to $13.80.

FORM

FormFactor

$14.00

-0.75 (-5.08%)

INTC

Intel

$51.97

0.1 (0.19%)

  • 10

    Jul

  • 11

    Jul

FORM FormFactor
$14.00

-0.75 (-5.08%)

04/27/18
NEED
04/27/18
DOWNGRADE
NEED
Buy
FormFactor downgraded to Buy from Strong Buy at Needham
04/27/18
NEED
04/27/18
DOWNGRADE
Target $17
NEED
Buy
FormFactor downgraded to Buy from Strong Buy at Needham
Needham analyst Y. Edwin Mok downgraded FormFactor (FORM) to Buy from Strong Buy and lowered his price target to $17 from $20. The analyst is citing recent reports "suggesting slower growth ahead", adding that a more cautious stance may be warranted after Intel (INTC) confirmed that it pushed out the 10nm ramp from the second half of 2018 to 2019. Mok notes that he is now less confident in the company's "sizable" second-half rebound needed to meet consensus expectations, with the recent weakness in the smartphone market also limiting FormFactor's near-term potential.
04/27/18
04/27/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Chipotle (CMG) downgraded to Hold from Buy at Maxim with analyst Stephen Anderson citing recent post-earnings rally, which he sees putting the risk/rewards level in balance given the prior move up in the shares off their lows. 2. Symantec (SYMC) downgraded to Market Perform from Outperform at JMP Securities with Erik Suppiger sayng his discussions lead him to believe the cybersecurity and network spending environment was relatively robust in the March quarter. 3. FormFactor (FORM) downgraded to Buy from Strong Buy at Needham with analyst Y. Edwin Mok citing recent reports "suggesting slower growth ahead," adding that a more cautious stance may be warranted after Intel (INTC) confirmed that it pushed out the 10nm ramp from the second half of 2018 to 2019. 4. Sunoco (SUN) downgraded to Underperform from Hold at Jefferies with analyst Christopher Sighinolfi saying he believes a 25% distribution cut and over $500M equity infusion is required in order for Sunoco to meet its 2019 leverage target of 4.5-4.75 times. 5. Hershey (HSY) downgraded to Sell from Hold at Societe Generale with analyst Warren Ackerman noting that its margin trends continue to worsen and he sees its 2020 margin target as "a steep climb from here" given the FY18 EBIT guidance cut that accompanied its first quarter results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/01/18
NORL
05/01/18
NO CHANGE
Target $19.5
NORL
Outperform
FormFactor estimates cut at Northland after Intel 10nm delay
Northland analyst Gus Richard said that it appears Intel (INTC) has pushed out its 10nm ramp again and he is now modeling the ramp in the second half of 2019, pushed back from the second half of 2018. Given the delay, his is cutting estimates for FormFactor's (FORM) Q2 and calendar 2018 revenue and also trimming his gross margin expectations on lower volume and weaker mix. However, he also said FormFactor is gaining share at TSMC (TSM) in advanced 10nm and 7nm nodes and that DRAM market demand continues to be strong. Richard, who would be a buyer of FormFactor on weakness ahead of the company's report tomorrow, maintains an Outperform rating on the stock.
INTC Intel
$51.97

0.1 (0.19%)

06/26/18
06/26/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Underperform from Market Perform at Bernstein with analyst Stacy Rasgon saying she sees the CEO change and leadership vacuum providing some protection from further upward revisions, EPS growth slowing into 2019 as compares get harder and structural issues build, and an increasingly competitive environment. 2. LendingTree (TREE) downgraded to Neutral from Buy at Compass Point with analyst Michael Tarkan citing mortgage deceleration and remaining long-term cycle risks. 3. AMC Networks (AMCX) downgraded to Neutral from Buy at Goldman Sachs with analyst Drew Borst saying slowing advertising growth due to rating headwinds from The Walking Dead franchise and affiliate fee growth challenges in the pay TV ecosystem are a risk to earnings estimates. 4. Square (SQ) downgraded to Equal Weight from Overweight at Stephens with analyst Brett Huff stating that after a "truly remarkable" stock price acceleration over the past two years, he thinks Square is a "special" company, but is taking a breather. 5. Incyte (INCY) downgraded to Sector Perform from Outperform at RBC Capital with analyst Brian Abrahams noting that as he previously suggested, the market overreacted to the setbacks suffered by the company's epacadostat and baricitini programs when he also forecasted a rally to reflect the "substantial Jakafi growth opportunity through its out-year patent cliff". This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/27/18
NORL
06/27/18
NO CHANGE
NORL
Underperform
Intel could lose spot as second modem source at Apple, says Northland
Northland analyst Gus Richard said earlier that contacts he spoke with at the Design Automation conference indicated that that MediaTek might become the second source to Qualcomm (QCOM) at Apple (AAPL) for modems, displacing Intel (INTC). Additionally, while it has been rumored in the press previously that Apple is working on its own CPU for its notebooks to replace the Intel chip it currently uses, Richard said this rumor was confirmed by one contact. Richard maintains an Underperform rating on Intel shares, which are down 1.2% to $49.06 in afternoon trading.
06/28/18
RBCM
06/28/18
NO CHANGE
Target $60
RBCM
Sector Perform
Intel trends positive but volatility from CEO change possible, says RBC Capital
RBC Capital analyst Amit Daryanani kept his Sector Perform rating and $60 price target on Intel, saying the June quarter may see a modest earnings beat as the overall end-market trends for the company remain positive. The analyst points to "strong momentum from data-centric business, robust cloud capex and enterprise IT spending trends, and continued y/y stability in the broader PC market". Daryanani warns however that the stock price may be subject to some near-term volatility after the recent abrupt CEO change as well as "intensified competition" in the data center group and cloud computing group.
07/05/18
KEYB
07/05/18
NO CHANGE
Target $60
KEYB
Overweight
Intel price target lowered to $60 from $65 at KeyBanc
KeyBanc analyst Michael McConnell lowered his price target for Intel (INTC) to $60 from $65 saying that while DCG demand trends remain robust in the near-term, he believes that 14nm notebook platform delays in 2H18, a sub-seasonal Q3 demand outlook at notebook ODMs, new AMD (AMD) EPYC design wins at cloud customers for 2019, and 10nm manufacturing delays will likely lead to a lower multiple for the stock. McConnell reiterates an Overweight rating on Intel's shares.

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