UPDATE: JPMorgan Downgrades TTM Technologies (TTMI) to Neutral

March 11, 2020 4:30 AM EDT
Get Alerts TTMI Hot Sheet
Price: $14.03 +0.07%

Rating Summary:
    8 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 45
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(Updated - March 11, 2020 4:54 AM EDT)

(updating comment)

JPMorgan analyst Paul Coster downgraded TTM Technologies (NASDAQ: TTMI) from Overweight to Neutral with a price target of $15.00 (from $17.00).

The analyst comments "Trading at 13.1 times 2020E P/E and 7.6 times EV/EBITDA, the stock is trading at a premium to its three-year mean forward multiples but looks inexpensive on a PEG basis, and in the context of a re-rating that could take place as the firm pays down debt post the divestiture of Chinabased operations. That said, though attractively valued, we see risk reward as somewhat elevated pending the sale of the China operations to Xiamen given tumult in China caused by COVID-19, and we prefer stocks elsewhere in our coverage at this time. This is not a call to sell TTMI shares, but we do expect TTMI to perform in-line with the mean of our coverage in the next 6-12 months."

For an analyst ratings summary and ratings history on TTM Technologies click here. For more ratings news on TTM Technologies click here.

Shares of TTM Technologies closed at $11.69 yesterday.

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