Stifel Adjusts Estimates on TTM Technologies (TTMI); Reiterates Buy
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Stifel reiterated a Buy rating on TTM Technologies (NASDAQ: TTMI), and raised the price target to $15.00 (from $13.00), reflecting modestly better demand in automotive and mobility. Stifel adjusted FY17 revenue estimates to $2.60bn, from $2.58bn previously, or up 4% y/y vs. up 3% previously. FY17 EPS goes from $1.33 to $1.38.
Analyst Matthew Sheerin commented, "We are raising our FY17 revenue and EPS estimates for TTM Technologies to reflect modestly better demand in automotive and mobility, as well as slightly greater margin leverage. We are also increasing our PT from $13 to $15 to reflect the higher EPS as well as slightly higher multiple, given the company's strong execution in recent quarters and a more diverse end-market exposure portfolio post the Viasystems acquisition. Our FY17 revenue and EPS estimates go from $2.58bn and $1.33 to $2.60bn and $1.38. Our new $15 PT is based on ~11x our 2017 EPS estimate and ~6x forward EV/EBITDA, which is in line with EMS peers."
Shares of TTMI closed at $13.99 yesterday.
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