Needham & Company Downgrades TTMI (TTMI) to Buy; Solid 4Q, Guidance Hampered By Asia Pacific Headwinds

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TTMI Hot Sheet

Rating Summary:
3 Buy, 0 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 22 | Down: 8 | New: 36

Needham & Company downgraded TTMI (NASDAQ: TTMI) from Strong Buy to Buy with a price target of $15.00.

Analyst, Richard Kugele, said, "Given the growth of tablets, high-end NA networking, and cellphones, we (and the company) are comfortable that TTMI should be able to grow its topline for C12 in the low to mid-single digit range (modestly higher than our estimate). However, various events (facilities upgrade, higher labor costs, and a slower Asia Pac PCB business) do weigh on the margins, limiting EPS upside and our price target of $15 (based on 9x C13 EPS of $1.64). Therefore, with the stock having recovered off of its lows and now within 11% of our price target, we lower our rating."

Needham lowers FY12 EPS estimate from $1.54 to 1.25, but raises revs from $1.433 bln to $1.455 bln.

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 $13.46 yesterday, with a 52 week range of $8.61-$19.64.

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