Needham & Company Reiterates Buy on TTM Technologies (TTMI) Following 3Q

October 27, 2016 7:24 AM EDT
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Price: $14.76 +0.82%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 21 | New: 54
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Needham & Company reiterated a Buy rating on TTM Technologies (NASDAQ: TTMI), and raised the price target to $14.00 (from $12.00), following the company's 3Q earnings report. TTMI reported 3Q results of $641M in revenues and $0.39 nonGAAP EPS, vs. the consensus estimates of $640M and $0.32.

Analyst Sean Hannan commented, "Overall, we believe TTMI continues to prove out the benefits of its Viasystems acquisition through a leaner combined cost structure, strong end-market diversification and a robust portfolio of higher technology offerings. Through much of 2016, TTMI has outperformed in its execution and is demonstrating its ability to drive meaningful earnings growth. Further, we expect continued earnings growth momentum to carry into 2017 (albeit not at such a strong pace), driving up our model forecast. Consequently, we reiterate our Buy and raise our target to $14 (from $12)."

For an analyst ratings summary and ratings history on TTMI click here. For more ratings news on TTMI click here.

Shares of TTMI closed at $11.36 yesterday.

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