FormFactor stock just ripped higher, jumping about 26% to roughly US$105 in the first full trading session after earnings. That is a sharp reversal for a stock that had been under pressure over the past month. The spark is clear: Q2 revenue landed at US$258.2m with non GAAP earnings per share of US$0.82, and management pointed to a Q2 run rate above US$1b in revenue and gross margin above 50%.

The real question for you now is whether this quarter marks a one off surge or an early step toward the multi year margin and earnings goals that management has laid out.

Is FormFactor suddenly priced for perfection after this Q2 jump, or is the market still underestimating the story at around US$105? See how current earnings, growth forecasts and…