• Investors re-priced the shares of FormFactor in one big 30% swoop yesterday, and rightly so in our view.
• The company isn’t all that cyclical, although its customers are.
• It has considerable structural tailwinds that should still work longer term, but we don’t see much immediate upside after that 30% rally.

Source: FormFactor Surges – FormFactor, Inc. (NASDAQ:FORM) | Seeking Alpha