TTM Technologies stock price target raised to $65 from $56 at Needham

Investing.com - Needham raised its price target on TTM Technologies (NASDAQ:TTMI) to $65.00 from $56.00 on Tuesday, while maintaining a Buy rating on the stock. The company’s shares, currently trading at $54.24, have surged 138% over the past six months, with InvestingPro data showing the stock trading near its 52-week high of $54.46.

The firm expressed increased optimism about TTM’s growth prospects for the second half of 2025 and into 2026, particularly in markets related to AI data center infrastructure and defense. This optimism appears well-founded, as TTM has demonstrated solid revenue growth of 14.24% and maintains a "GOOD" overall financial health rating according to InvestingPro analysis.

Needham believes that 2026 consensus estimates for TTM’s Data Center Computing business appear conservative. Despite questions about the slower ramp of the company’s Penang facility, the firm is confident that TTM’s existing facilities in China can increase output to meet accelerating demand from key AI customers.

These Chinese facilities, which account for the majority of TTM’s Data Center Computing production, are expected to drive upside to consensus estimates next year regardless of the scale-up timeline in Penang.

Needham also noted potential upside in TTM’s Aerospace and Defense business in 2026, contributing to the decision to raise the price target by $9.

In other recent news, TTM Technologies reported robust financial results for the second quarter of 2025, surpassing analysts’ expectations. The company achieved earnings per share of $0.58, exceeding the forecasted $0.52, and generated revenue of $730.6 million, surpassing the anticipated $668.48 million. This marks a 21% increase in revenue compared to the same period last year. Additionally, TTM Technologies announced the appointment of Edwin Roks, Ph.D., as its new President and CEO, effective September 2, 2025. Roks will succeed Thomas T. Edman, who has served as CEO since 2014 and will transition to an advisory role. Furthermore, Truist Securities reiterated its Buy rating on TTM Technologies, with a price target of $60.00. The firm highlighted significant growth opportunities for TTM Technologies, primarily driven by artificial intelligence. These developments reflect the company’s strategic direction and financial performance.

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