FormFactor's stock experienced a pre-market surge of 12.89% on Thursday, marking a significant upward movement for the semiconductor equipment company.

The rally was primarily driven by the company's release of first-quarter financial results that significantly exceeded market expectations. FormFactor reported adjusted earnings per share of $0.56, surpassing the analyst consensus estimate of $0.45, while revenue reached $226.1 million, also beating forecasts and representing strong year-over-year growth.

Adding further momentum, the company issued upbeat guidance for the second quarter, forecasting both earnings and revenue well above market expectations. In a show of confidence, Evercore ISI Group raised its price target on FormFactor to $133 from $80, highlighting the strong financial performance as a key catalyst for the stock's recovery following recent sector-wide pressure.