UPDATE - UBS Upgraded TTMI (TTMI) to Buy; Secular Forces Provide Some Offset to Cyclical Risk

UPDATE - UBS upgraded TTMI (NASDAQ: TTMI) from Neutral to Buy. PT unchanged at $20.

UBS analyst said, "TTMI stock is down ~30% from peak levels set in early May and we find the stock attractive at current levels trading at 8x CY11 PE and 5x CY11 EBITDA. We believe recent cautious commentary from Juniper (Nasdaq: JNPR) (top 10 customer), concerns over HDI (advance PCB) pricing trends, and overall macro economic risk have weighed on the stock. With Apple (Nasdaq: AAPL) (iPads/Macbooks mainly) a 13% customer, cellular (mainly smart phone) exposure at 12% of sales, and Networking/Comm ~35% of sales, we believe TTMI is well positioned to capitalize on key secular trends."

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