Stifel raises TTM Technologies price target to $40 on aerospace growth

Stifel raised its price target on TTM Technologies (NASDAQ:TTMI) to $40 from $33 while maintaining a Buy rating, citing strength in aerospace, defense and data center markets. The stock has shown remarkable momentum, surging nearly 96% over the past year and currently trading near its 52-week high of $37.19. According to InvestingPro data, four analysts have recently revised their earnings estimates upward.

The research firm updated its outlook after hosting TTM President and CEO Thomas Edman and VP Corporate Development & Investor Relations Sameer Desai at its 2025 Stifel CSI Conference.

TTM’s aerospace and defense segments continue to show strong performance, while the company expects modest growth to return in its medical, industrial and instrumentation business, according to Stifel.

The automotive segment remains challenging, with management projecting flat to slightly lower revenue for this division in 2025. TTM’s networking business, previously considered a legacy customer segment, is growing again with an artificial intelligence-related uptick.

Stifel analysts noted they were "modestly raising our estimates, which were previously skewed conservative given stronger than typical performance in the recently reported 1Q."

In other recent news, TTM Technologies reported impressive first-quarter results for 2025, exceeding analysts’ expectations. The company achieved an earnings per share (EPS) of $0.50, surpassing the forecasted $0.39, and recorded revenue of $648.7 million, which was above the anticipated $621.94 million. Following this announcement, Needham raised its price target for TTM Technologies to $35, maintaining a Buy rating, citing the company’s strong performance in the Aerospace & Defense and Data Center Computing sectors. Additionally, Truist Securities increased its price target to $41, also maintaining a Buy rating, highlighting the company’s growth prospects in areas like artificial intelligence technologies.

TTM Technologies also announced a $100 million stock buyback program, reflecting confidence in its financial health and flexibility to enhance shareholder value. In another development, the company’s founder, Kent Alder, retired from the board, marking the end of a significant era in TTM’s history. The company continues to prioritize strategic acquisitions alongside the repurchase program, as stated by its CFO, Dan Boehle.

TTM Technologies’ outlook remains positive, with projected second-quarter revenue growth of 11% year-over-year, surpassing the consensus forecast of 6%. The company’s strategic initiatives, including new facilities in Malaysia and New York, are progressing towards operational targets, reinforcing its growth trajectory. These developments underscore the company’s resilience and strategic direction in the current market environment.

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