FormFactor (FORM) stock is soaring 17.84% in pre-market trading on Thursday, following the release of its impressive third-quarter financial results and a wave of analyst upgrades. The semiconductor test and measurement supplier's performance significantly exceeded expectations, sparking renewed investor confidence.

FormFactor reported Q3 revenue of $202.7 million, surpassing analyst estimates of $200 million. The company's adjusted net income reached $25.7 million, well above the expected $19.3 million. Notably, DRAM probe card sales recorded double-digit sequential growth, reaching a new record primarily due to increased demand for High Bandwidth Memory (HBM) products. The strong performance across multiple metrics has led to a series of analyst upgrades and price target increases.

Citi upgraded FormFactor to Buy from Neutral, raising its price target to $62 from $31. Similarly, DA Davidson increased its price target to $55 from $45, maintaining a Buy rating. B. Riley and TD Cowen also raised their price targets to $66 and $50, respectively. The company's optimistic outlook for even stronger results in the fourth quarter is likely contributing to the pre-market surge, as investors anticipate continued growth and improved performance in the coming months.