UPDATE: JPMorgan Downgrades TTM Technologies (TTMI) to Neutral
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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."
Shares of TTM Technologies closed at $11.69 yesterday.
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