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Stifel raised its price target on TTM Technologies (NASDAQ:TTMI) to $40 from $33 on Monday, while maintaining a Buy rating on the stock. The adjustment follows meetings with TTM’s President and CEO Thomas Edman and VP Corporate Development & Investor Relations Sameer Desai at Stifel’s 2025 CSI Conference.
The research firm cited expectations for continued strength in TTM’s Aerospace & Defense and Data Center end markets as key factors behind the more optimistic outlook. Stifel also noted the company anticipates a return to modest growth in the Medical (TASE:BLWV), Industrial & Instrumentation segment.
While TTM’s Automotive end market continues to face challenges, management expects that segment to deliver flat to slightly down revenue for 2025. The company’s Networking business, previously considered a legacy customer business, is now growing again with an artificial intelligence-related uptick that wasn’t present a year ago.
Stifel indicated it is modestly raising its estimates for TTM, which had previously been "skewed conservative" given stronger than typical performance in the company’s recently reported first quarter results.
The price target increase represents a 21% boost from Stifel’s previous $33 target for the circuit board and radio frequency components manufacturer.
In other recent news, TTM Technologies has reported impressive financial results for the first quarter, with revenues increasing by 14% year-over-year and earnings per share (EPS) exceeding expectations by 25%. The company’s revenue growth surpassed the consensus estimate of 9%, demonstrating strong performance in its Aerospace & Defense and Data Center Computing sectors. The outlook for the second quarter remains positive, with anticipated revenue growth of 11% year-over-year at the midpoint, exceeding the consensus forecast of 6%. Additionally, TTM Technologies has initiated a $100 million stock buyback program, leveraging its robust cash flow and strong balance sheet. This initiative provides the company with flexibility while it continues to prioritize strategic acquisitions.
Analyst firms have responded positively to TTM Technologies’ performance and prospects. Stifel raised its price target to $40, citing strength in aerospace, defense, and data center markets. Truist Securities increased its price target to $41, driven by growth opportunities in AI technologies and other strategic initiatives. Needham also adjusted its target to $35, acknowledging the company’s resilience and strong guidance for the future. In a separate development, TTM Technologies announced the retirement of its founder, Kent Alder, from the company’s board, marking the end of a significant era in the company’s history.
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