FormFactor (FORM) shares rose nearly 24% in recent Thursday trading after Citigroup upgraded the stock following the company's Q3 adjusted earnings and revenue that beat analyst expectations.

Citigroup upgraded the stock to buy from neutral and doubled its price target to $62 per share from $31.

The company reported late Wednesday Q3 adjusted earnings of $0.33 per diluted share, down from $0.35 a year earlier. Analysts polled by FactSet expected $0.25.

Revenue for the three months ended Sept. 27 was $202.7 million, down from $207.9 million a year earlier. Analysts surveyed by FactSet expected $200 million.

For Q4, the company said it expects adjusted earnings of $0.31 to $0.39. Analysts expect $0.35.

FormFactor also said it expects revenue of $210 million, plus or minus $5 million. Analysts expect $210.3 million.

Price: 59.00, Change: +11.28, Percent Change: +23.64