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On Thursday, Truist Securities adjusted its outlook on TTM Technologies (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, by increasing the price target to $38.00, up from the previous $32.00, while reiterating a Buy rating on the company’s stock. Currently trading at $24.78, TTMI has shown remarkable momentum with a 71% return over the past year. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $30 to $38, suggesting significant upside potential.
TTM Technologies has reported a robust fourth quarter and provided guidance for the first quarter that exceeded expectations. The analyst from Truist Securities highlighted that TTM Technologies is experiencing the early stages of structural improvements that are expected to continue driving the company’s strong performance. With revenue of $2.36 billion in the last twelve months and a healthy current ratio of 2.0, the company maintains strong financial fundamentals. InvestingPro subscribers can access 10+ additional exclusive tips and comprehensive financial metrics to better understand TTMI’s growth trajectory.
The reasons cited for maintaining a positive outlook on TTM Technologies include the benefits from restructuring efforts in North America, increasing revenue and profits from the company’s operations in Penang, and anticipated growth from artificial intelligence (AI) applications. These factors contribute to the analyst’s confidence in the company’s potential for sustained growth. Based on InvestingPro’s Fair Value analysis, TTMI appears to be trading above its Fair Value, with a P/E ratio of 37.2x and an EV/EBITDA of 10x.
Truist Securities also projected an increase in the company’s earnings per share (EPS) for the calendar year 2026, raising the estimate to $2.30 from $2.15. The new price target of $38 is based on a multiple of 16.5 times the estimated CY26 EPS, which represents a historical 1.5 times discount compared to the company’s peers.
In summary, the analyst’s commentary underscores TTM Technologies’ consistent execution and the company’s promising outlook based on structural improvements and market expansion opportunities. The updated price target suggests a favorable position for the company’s stock in the coming years.
In other recent news, TTM Technologies has been a focal point of investor interest due to its robust financial performance and optimistic future projections. Needham, a reputable analyst firm, recently raised its price target for TTM Technologies from $30.00 to $33.00, maintaining a buy rating. This decision was influenced by the company’s strong performance, particularly in its Aerospace and Defense business, alongside improvements in its broad Commercial business.
TTM Technologies reported a significant 14% year-over-year revenue increase for Q4, surpassing both the consensus estimate of 11% and the company’s own guidance. This revenue surge contributed to a strong earnings per share performance, further boosted by foreign exchange gains. In addition, the company anticipates continued strength in the Aerospace & Defense and Data Center Computing sectors, both of which exceeded expectations in Q4.
TTM Technologies also reported an impressive Q4 earnings beat, with adjusted earnings per share of $0.60, significantly surpassing the analyst consensus of $0.43. Revenue reached $651 million, outperforming estimates of $630.6 million and marking a 14.4% increase YoY. The company’s strong performance was largely driven by robust demand in its Aerospace and Defense, Data Center Computing, and Networking end markets.
Looking ahead, TTM Technologies has provided an upbeat outlook for Q1, projecting revenue growth between 5% and 12% year-over-year, and solid EPS guidance. This positive outlook is supported by a record Aerospace and Defense program backlog of $1.56 billion, indicating strong future demand. These recent developments have led to increased investor confidence in TTM Technologies.
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