TTM Technologies: Upgrading To Buy, Shares Look Cheap

Passage Research 6K Followers Follow Summary TTM Technologies delivered a robust Q2, with data center and networking revenue nearly doubling year-over-year. TTMI's valuation has compressed over 20% since June, creating a more attractive entry point; I upgrade to Buy with a $219 price target. The backlog reached $1.7 billion (1.49x book-to-bill), supporting sustained sales growth, and commercial segment momentum is driven by AI-related demand. I model significant margin expansion and EPS growth, with TTMI now trading at 28.9x forward earnings and offering 56% upside versus my 2027 estimates. afterday/iStock via Getty Images TTM Technologies ( TTMI ) is coming off a solid fiscal Q2 earnings report, led by data center and networking revenue that nearly doubled on a y/y basis. With the stock having come in since the mid-June highs, it's This article was written by Passage Research 6K Followers Follow Passage Research focuses on identifying variant perception through a blend of fundamental analysis and alternative data. The research process combines detailed financial modeling with real-time datasets to underwrite earnings power, margin durability, and forward expectations.The author has spent over a decade on Wall Street, most recently spending the last five years working in the hedge fund industry as an analyst. Typical coverage spans consumer, TMT, industrials and special situations, with an emphasis on asymmetric risk/reward and catalyst-driven opportunities. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in TTMI over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.