Stifel initiates TTM Technologies stock with a Buy, $33 target

Tuesday - Stifel analysts have initiated coverage on TTM Technologies (NASDAQ:TTMI) with a Buy rating, setting a price target of $33.00. This aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $33 to $38. The firm’s positive outlook on the company is based on TTM Technologies’ successful revenue diversification and strategic efforts to focus on key customers and segments, lessening its reliance on cyclical markets. The company’s strong market position is reflected in its impressive 58% stock return over the past year.

TTM Technologies has made strategic acquisitions that have transformed over half of its Aerospace and Defense business—which accounts for 47% of its total revenue—towards engineered and integrated electronics rather than traditional printed circuit board (PCB) products. This shift is seen as a significant move for the company’s future. According to InvestingPro analysis, the company maintains a healthy financial position with a current ratio of 1.99, indicating strong liquidity to support its strategic initiatives. InvestingPro subscribers can access 8 additional key insights about TTM’s financial health and growth prospects.

In addition to diversification, TTM Technologies has experienced a surge in PCB demand within the Data Center Computing segment. This segment saw a year-over-year increase of 44% in the most recent quarter. The growth is attributed to the rising need for general artificial intelligence-related applications. The company’s overall revenue growth of 9.4% in the last twelve months supports this positive trend, though InvestingPro data indicates the stock is currently trading above its Fair Value.

As the complexities in data center designs grow, including the need for innovative PCB technologies, TTM Technologies is expected to maintain a strong market position. The company’s establishment of a new manufacturing site in Malaysia is anticipated to be a long-term positive catalyst. This is because PCBs designed for hyperscalers in China are projected to eventually migrate to the new facility in Penang.

Analysts from Stifel highlight that the strategic moves by TTM Technologies are positioning the company to capitalize on current market demands and future industry shifts. With these developments, the firm’s endorsement of a Buy rating reflects its confidence in TTM Technologies’ growth trajectory and market strategy.

In other recent news, TTM Technologies, a global printed circuit board manufacturer, has been in the spotlight due to a series of positive developments. The company reported a robust fourth quarter with a 14% year-over-year revenue increase, surpassing both the consensus estimate and its own guidance. This impressive performance was mainly driven by strong demand in its Aerospace and Defense, Data Center Computing, and Networking end markets.

Additionally, Truist Securities and Needham have both adjusted their outlook on TTM Technologies, raising their stock targets to $38 and $33, respectively, while maintaining a Buy rating. Truist Securities highlighted the company’s early stages of structural improvements and anticipated growth from artificial intelligence applications. Furthermore, they projected an increase in the company’s earnings per share for the calendar year 2026.

On the other hand, Needham emphasized TTM’s strong performance in its Aerospace and Defense business and improvements in the Commercial business. They also expressed expectations of double-digit EPS growth in 2026. These recent developments highlight TTM Technologies’ consistent execution and promising outlook based on market expansion opportunities and structural improvements.

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