Needham & Company Downgrades TTMI (TTMI) to Buy; Solid 4Q, Guidance Hampered By Asia Pacific Headwinds
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Price: $140.00 +0.81%
Rating Summary:
9 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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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.
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.
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