TTM Technologies

TTMI · NASDAQ

$95.51−$3.59 (−3.62%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $99.10

TTMI analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $201.35 (+110.8% upside)

Low: $176.75
Now: $95.51
High: $235.20

Upgrades and downgrades

The latest rating actions, newest first

TTMI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 13, 2026	Maintains	Buy	$224.00 → $231.00	75%
Needham	Sep 21, 2026	Maintains	Buy	$220.00 → $175.00	59%
Needham	Aug 18, 2026	Maintains	Buy	$220.00	59%
Truist Securities	Aug 6, 2026	Maintains	Buy	$215.00 → $224.00	75%
Needham	Jun 18, 2026	Maintains	Buy	$208.00 → $220.00	59%
Needham	Jun 11, 2026	Maintains	Buy	$208.00	59%
Stifel	May 28, 2026	Maintains	Buy	$175.00 → $205.00	73%
Truist Securities	May 28, 2026	Maintains	Buy	$180.00 → $215.00	75%
B. Riley Securities	May 28, 2026	Maintains	Buy	$182.00 → $208.00	61%
Needham	May 28, 2026	Maintains	Buy	$160.00 → $208.00	59%

The case for and against

Updated Oct 14, 2026

Bull case

TTM Technologies is supported by powerful demand in Data Center & Networking and Aerospace & Defense, which together account for more than three-quarters of revenue and are both showing accelerating growth and stronger margins. Data Center & Networking represented about 49% of Q3 sales and is on track to more than double in 2026 to over $2B, while A&D has a funded backlog of $1.7B, a 1.30 book-to-bill in Q2, and clear catalysts from missile replenishment, Golden Dome activity, and the EPIQ acquisition. Financial momentum is reinforced by Q2 sales of $1.0B, non-GAAP EPS of $0.99, cash of $507.9MM, net debt leverage of 0.9x, and free cash flow of $46MM, indicating the company can fund growth while preserving balance sheet flexibility.

Bear case

TTM Technologies is facing a negative outlook because its valuation already discounts a 17x consensus out-year EPS multiple, yet its fundamentals remain exposed to cyclical demand risk, tariff-related macro weakness, and potential slowdown in key end markets. Automotive, still 8% of revenues, fell from 11% a year ago and is expected to decline further to 6% of net sales in Q3, while MII is projected to slip to 13% of net sales at the midpoint, signaling softer mix and weaker near-term momentum. Continued inflation, wage pressure, labor shortages, competition, excess industry capacity, and M&A execution risk further threaten margins and execution.

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