FormFactor's stock surged 9.31% in pre-market trading on Thursday, following the company's release of better-than-expected fourth-quarter financial results and optimistic guidance for the current quarter.

The semiconductor test technology company reported adjusted earnings per share of $0.46 for Q4, significantly beating the consensus estimate of $0.35. Revenue reached $215.2 million, also surpassing expectations and showing strong year-over-year growth. Furthermore, the company provided encouraging Q1 2026 guidance, expecting revenue of approximately $225 million and adjusted earnings per share around $0.45, both well above analyst forecasts.

The positive earnings report prompted multiple analyst firms to raise their price targets on FormFactor. TD Cowen increased its target to $80 from $50, while B. Riley raised its target to $100 from $88, reflecting increased confidence in the company's growth prospects driven by strong demand in advanced packaging and high-performance compute markets.