Needham & Company Reiterates a 'Buy' on TTMI (TTMI); Remaining Optimistic

May 2, 2012 9:25 AM EDT
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Price: $14.64 -0.07%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Needham & Company reiterates a 'Buy' on TTMI (NASDAQ: TTMI) price target of $15.00.

Analyst, Richard Kugele, said, "TTMI reported 1Q revenue below estimates and guide but higher margins helped generate EPS above expectations on a
more favorable product mix. Weaker demand (particularly in telecom infrastructure and cellphones) continued in the quarter but respite seems to be on the horizon. TTMI saw bookings improve in March on more aero demand and guided 2Q in line with our estimates despite increased labor costs in Asia. The outlook improves considerably in 2H as qualifications into mobile devices should generate revenue, and telecom infrastructure demand recovers." (FY12 EPS estimate raised from $1.25 to $1.30 and FY13 from $1.64 to $1.68)

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 $10.35 yesterday.

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